The Securities and Exchange Commission (SEC) staff released a report Thursday showing some nationally-recognized rating agencies failed to disclose or manage conflicts of interest and changed rating methodologies for securities without disclosing the changes until months later.

The findings were among several areas of concern that arose from examinations of nationally recognized statistical rating organizations (NRSROs) conducted annually by the staff of the SEC’s Office of Credit Ratings and Examination. NRSROs register with the SEC and submit to commission regulations and examinations.

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