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  "documentTitle": "NRSRO Rating Agencies (Moody's, S&P, Fitch)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2010-05-26 00:00:00",
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  "notes": "The slide outlines specific legal constraints and exceptions for NRSROs (Nationally Recognized Statistical Rating Organizations).",
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      "kind": "callout",
      "text": "Our suggested rider to the Restoring American Financial Stability Act of 2010",
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      "text": "New Issue Ratings Moratorium. Prior to the date 60 days after the issuance of a new fixed income security, it shall be unlawful for any NRSRO to:",
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      "text": "(a) Conduct due diligence based solely on publicly available information of the issuer or otherwise related to the security in respect of future ratings for such issuer or security, and\n(b) At all times broadly publish their ratings standards, procedures and methodologies.”",
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      "text": "(1) Have any contact with issuers, sponsors, servicers, trustees or underwriters of such security during such period,\n(2) Comment publicly on, or issue ratings regarding, any such security, or\n(3) Otherwise participate in the structuring, underwriting, offering or sale of such securities during such period.",
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      "text": "“New Issue Ratings Moratorium. Prior to the date 60 days after the issuance of a new fixed income security, it shall be unlawful for any NRSRO to:",
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      "text": "Notwithstanding the foregoing, NRSROs shall at all times be permitted to:",
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      "text": "How Do You Solve These Problems?",
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