10/6/2009

The Federal Reserve plans to open participation in its Term Asset-Backed Securities Loan Facility to credit rating agencies besides Standard & Poor's, Fitch Ratings and Moody's Investors Service. The move is expected to loosen the major credit rating agencies' grip on the structured-finance industry. The central bank would be able to select a credit rating firm based on "a certain minimum level of experience in rating deals of any particular type."

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