Egan-Jones Ratings Company, also known as EJR, was founded in 1995 and actively rates the credit worthiness of approximately 2000+ high yield and high grade U.S. corporate debt issuers. Egan-Jones is wholly supported by investors to minimize the potential for conflicts of interest in accessing credit quality[citation needed]. On Dec. 21, 2007, the SEC granted Egan-Jones NRSRO status, thus including them in a group of what is currently nine recognized NRSROs[citation needed]. Egan-Jones was also the first to downgrade WorldCom and Enron.
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| - Egan-Jones Ratings Company, also known as EJR, was founded in 1995 and actively rates the credit worthiness of approximately 2000+ high yield and high grade U.S. corporate debt issuers. Egan-Jones is wholly supported by investors to minimize the potential for conflicts of interest in accessing credit quality[citation needed]. On Dec. 21, 2007, the SEC granted Egan-Jones NRSRO status, thus including them in a group of what is currently nine recognized NRSROs[citation needed]. Egan-Jones was also the first to downgrade WorldCom and Enron.
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| - Sean Egan on Potential SEC Charges, CNBC
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| - Egan-Jones Ratings Company, also known as EJR, was founded in 1995 and actively rates the credit worthiness of approximately 2000+ high yield and high grade U.S. corporate debt issuers. Egan-Jones is wholly supported by investors to minimize the potential for conflicts of interest in accessing credit quality[citation needed]. On Dec. 21, 2007, the SEC granted Egan-Jones NRSRO status, thus including them in a group of what is currently nine recognized NRSROs[citation needed]. The effectiveness of Egan-Jones' investor supported credit ratings has been measured by third parties including Richard D. Johnson of the Kansas City Federal Reserve, the Stanford University Business School and the University of Michigan's Business School. Sean Egan, principal of Egan-Jones Rating, appeared before Congress on October 22, 2008 and argued that issuers of complex securities "shopped" for ratings which resulted in a race to the bottom in terms of credit transparency. Rather than "beat up Moody's and S&P for behavior" they'd been financially motivated to pursue, the government needs to support a new business model paid for by investors, not issuers, to support the funding ecosystem which has so severely broken down, he asserted. Egan-Jones on July 16, 2011, became the first NRSRO to cut its rating on the United States from AAA to AA+. And on April 16 2012, Egan- Jones downgraded the credit ranking of the United States for the second time continuously and within 1 year from AA+ (Excellent) to AA (Very Good) assuming that the debt will reach $16.7 trillion dollars by the end of 2012 while the GDP will not grow further $ 15,7 trillion dollar limit and the debt to the GDP ratio will reach 112% of the national GDP which is the highest level since the WW II. Egan-Jones was also the first to downgrade WorldCom and Enron.
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