Rating agency Moody’s overturns refusal to meet regulators
Credit rating agency Moody's will attend Thursday’s National Association of Insurance Commissioners (NAIC) meeting after regulators threatened to stop using its ratings, Dow Jones reports
Rivals Standard & Poor's, Fitch Ratings, and DBRS were to speak at the meeting but Moody's had declined. Two members of the committee then said suggest Moody's could be taken of the US regulators’ acceptable rating organisations list.
James Wrynn, New York's insurance superintendent and co-chair of the NAIC's rating agency working group, said: "Correcting the mistakes that led to the financial crisis is in everyone's interest, and insurance regulators will benefit from the rating agencies' insight as we work to keep the insurance industry strong and protect policyholders."
Open communication
Reuters quoted Moody’s as saying: "Moody's maintains an ongoing dialogue with the NAIC and will attend the Sept. 24 NAIC meeting.
“Moody's strives to maintain open communication with all users of our credit opinions and research and to provide information regarding the initiatives we have undertaken to strengthen the analytical quality and transparency of the ratings process."
