Update on regulatory issues and the rating agencies

• We continue to work with SEC on voluntary framework for oversight of Nationally Recognized Statistical Rating Organizations (NRSROs)
• We support implementation of designation process as reflected in SEC’s proposed rule, but without involving SEC in substance of rating process
• We worked with IOSCO on codes and principles for rating agencies
• We continue to believe there will be no material adverse effect on S&P’s financial condition or operations

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