Each nationally recognized statistical rating organization shall include in any report accompanying a credit rating with respect to an asset-backed security (as that term is defined in Section 3(a)(77) of the Securities Exchange Act of 1934) a description of—
(a)
The representations, warranties and enforcement mechanisms available to investors; and
(b)
How they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities.
Code of Federal Regulations
Note to § 240.17
g-7:
For the purposes of this requirement, a “credit rating” includes any expected or preliminary credit rating issued by a nationally recognized statistical rating organization.
Code of Federal Regulations
[76 FR 4515, Jan. 26, 2011]