6/25 WSJ article - Proposed rules that may diminish the longstanding importance of credit ratings across various markets - may make it possible for money-market funds to invest in short-term debt without regard to ratings put on those securities by firms such as Moody's and S&P.
Proposed new rules intended to stem conflicts of interest, expand disclosure for credit rating industry and flag ratings of more complex securities. Seeking to make ratings more open while also encouraging new firms enter. Three firms that dominate the $5 billion-a-year industry — S&P, Moody’s and Fitch—widely accused of failing to identify risks in subprime mortgage investments. AP via NYT»
WSJ: Plan Would Bring Greater Disclosure; Key Firms Back It
Supporters Of Fed Window Could Use Regulations To Gain Competitive Advantage-Dealbreaker