SEC Finds Failures at Credit-Rating Agencies

The Securities and Exchange Commission found apparent failures at each of the 10 credit rating agencies it examined, including McGraw-Hill Cos Inc's Standard & Poor's and Moody's Corp, the agency said in its first annual report of credit raters.

The SEC said its concerns include failures to follow ratings methodologies, failures in making timely and accurate disclosures and failures to manage conflicts of interest.

The SEC's annual report was required by last year's Dodd-Frank financial oversight law.

(Reporting by Karey Wutkowski, editing by Gerald E. McCormick)