CESR to Weigh Rating Agencies' Responses

The responses, made public just before the holiday break, blame a failure in underwriting and loan origination practices as the root cause of the sub-prime crisis, rather than any systemic lack of transparency or conflict of interest arising from remuneration of the agencies or their employees.

However, some agencies are already implementing procedural changes around the way that ratings and rating methodologies are reviewed and updated.

In its response to CESR, Moody's says it is conducting

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