Six credit rating agencies have agreed to pay civil fines totaling more than $49 million to settle allegations that they violated the U.S. Securities and Exchange Commission's recordkeeping rules, the regulator said on Tuesday.
Moody's Investors Service, S&P Global Ratings, Fitch Ratings, HR Ratings de Mexico, AM Best Rating Services and Demotech acknowledged that their companies and personnel had significant failures to maintain and protect electronic communications, the SEC said.
Moody's and S&P have agreed to pay $20 million each, while Fitch has agreed to pay $8 million, the SEC said.
AM Best will pay $1 million, HR Ratings de Mexico has agreed to pay $250,000 and Demotech will pay $100,000.
The SEC has fined dozens of companies for failing to keep records, with most of the fines relating to employees' use of text messages and messaging apps such as WhatsApp.
Lawyers for the companies did not immediately respond to requests for comment.
