SEC Eliminates Use of Credit Ratings in Determining Eligibility for Forms S-3 and F-3


There has been a great deal of focus on credit rating agencies recently. Whether as a result of the debt ceiling and the potential of a downgrade of U.S. government debt, or questions about the role of the credit rating agencies in contributing to the

financial crisis, the agencies have found themselves in the spotlight. On July 26, 2011, as mandated by the Dodd-Frank Act, the SEC has eliminated eligibility based on credit ratings for the use of registration statements on Form S-3 and F-3.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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