On June 1st, a federal district court dismissed Securities Act claims asserted against credit rating agencies who rated mortgage pass-through securities. Credit raters are not underwriters for purposes of the 1933 Act. As the SEC has stated, the rule was intended to "exclude any nationally recognized statistical rating organization whose security rating is disclosed in a registration statement from civil liability under Section 11." SEC Release No. 33-6336. Similar reasoning precludes Section 11 liability with respect to the sponsors of the offerings. SEC Release No. 33-6513; SEC Release No. 34-50905. Public Employees' Retirement System of Mississippi v. Merrill Lynch & Co.