Six credit rating agencies have agreed to pay a combined total of more than $49 million in civil penalties for allegedly violating record-keeping rules, the Securities and Exchange Commission said Tuesday.
According to the SEC, Moody's Investors Service, S&P Global Ratings, Fitch Ratings, HR Ratings de Mexico, AM Best Rating Services and Demotec admitted to significant company and employee deficiencies in maintaining and securing electronic communications.
According to the SEC, Moody's and S&P agreed to pay $20 million each, and Fitch agreed to pay $8 million.
AM Best will pay $1 million, HR Ratings de Mexico will pay $250,000 and Demotec will pay $100,000.
The SEC has fined dozens of companies for failing to keep records, mainly related to employees' use of text messages and messaging apps like WhatsApp.
Lawyers for the companies did not immediately respond to requests for comment.
