The International Organisation of Securities Commissions (IOSCO) published a report analysing the extent to which credit rating agencies have implemented the voluntary IOSCO Code of Conduct Fundamentals for Credit Rating Agencies into their own codes of conduct. The key findings are that on the 21 credit rating agencies reviewed:

  • two intend to update their codes of conduct in the near future;
  • fourteen did not address the May 2008 versions of the code, although some had partially or substantially implemented earlier versions of the code;
  • seven had substantially implemented the Code's provisions, including Fitch, Moody's and Standard & Poors.