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  "documentTitle": "NRSRO Rating Agencies (Moody's, S&P, Fitch)",
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      "kind": "callout",
      "text": "Buyside analysts will develop into credible alternatives and even new NRSROs",
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      "text": "Creates incentive for the development of an “Investor Pays” model for non-NRSRO rating agencies who will seek to fill the ratings void left by the New Issue Ratings Moratorium on NRSROs",
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      "text": "Bright line rules requiring the exercise of that power after material consistent underperformance could address the breakdown caused by the SEC’s past regulatory forbearance",
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      "text": "Allow Non-NRSROs to Publish During New Issue Moratorium – Firms can (1) apply to be qualified as NRSROs and be subject to the new issue ratings moratorium or (2) choose to be non-NRSROs and compete for business from investors during the moratorium on the basis of the quality of their research",
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      "text": "Insist on NRSRO Accountability – The SEC should be required to revoke a ratings agency’s NRSRO status if it consistently underperforms its peers",
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      "text": "While the SEC currently has the power to revoke NRSRO status, it has failed to exercise that power likely because of the lack of credible alternatives to NRSROs",
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