Federal · Title 15 — Commerce and Trade
15 U.S.C. § 78o: Universal ratings symbols
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assess the probability that an issuer of a security or money market instrument will default, fail to make timely payments, or otherwise not make payments to investors in accordance with the terms of the security or money market instrument; clearly define and disclose the meaning of any symbol used by the nationally recognized statistical rating organization to denote a credit rating; and apply any symbol described in paragraph (2) in a manner that is consistent for all types of securities and money market instruments for which the symbol is used. Nothing in this section shall prohibit a nationally recognized statistical rating organization from using distinct sets of symbols to denote credit ratings for different types of securities or money market instruments.
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