The U.S. Securities and Exchange Commission (SEC) has charged six credit rating agencies, including Moody's and S&P Global, for significant failures in maintaining electronic communications, leading to a total of over $49 million in civil penalties. Moody's and S&P each face the largest fines at $20 million, while Fitch Ratings, A.M. Best, HR Ratings de México, and Demotech are also penalized. The SEC highlighted that these failures, particularly the use of personal devices and messaging apps, hinder compliance efforts and investor protections. Notably, A.M. Best and Demotech will not be required to hire compliance consultants due to their previous compliance efforts. The agencies have acknowledged their violations of federal securities laws and expressed commitments to improve their recordkeeping practices. This action is part of a broader trend where the SEC has increasingly targeted financial firms for electronic communication violations.