15 U.S.C. § 78o–8 — Universal ratings symbols

(a) Rulemaking. The SEC must require, by rule, that every NRSRO adopt written policies and procedures that do three things. First, the policies must make the NRSRO assess how likely it is that an issuer of a security or money market instrument will default, fail to pay on time, or otherwise not pay investors what the terms of the security promise. Second, the policies must make the NRSRO clearly define and disclose what each symbol it uses to show a credit rating actually means. Third, the policies must make the NRSRO use each symbol the same way across every type of security or money market instrument it applies that symbol to. (b) Rule of construction. Nothing in this section stops an NRSRO from using a different set of symbols for different types of securities or money market instruments — it just has to be clear and consistent about what each set means.