Commission finds 'failures' at credit ratings agencies

"Apparent failures" have been discovered at a number of leading credit ratings agencies, including those which downgraded Ireland and its banks.

The US Securities and Exchange Commission has said it is concerned that agencies, including Moody's and Standard & Poor's, are not making timely or accurate disclosures.

Ten credit ratings agencies came under the microscope with the SEC also accusing the agencies of "not correctly following ratings methodologies".

The Exchange Commission said it expects the agencies involved to "address the concerns".