NU Online News Service, Feb. 7, 2005, 4:01 p.m. EST

Lawmakers will be holding a hearing on credit rating agencies at 10 a.m. Tuesday on Capitol Hill.[@@]

The U.S. Senate Committee on Banking, Housing and Urban Affairs has scheduled the hearing in response to complaints by some consumer activists who say that the United States has too few officially accepted rating agencies and that the major agencies did too little to warn investors about the wave of defaults that took place in the early 2000s.

Witnesses expected to appear include senior executives from Standard & Poor’s, New York; Moody’s Investors Services Inc., New York; Fitch Ratings, New York; and Egan-Jones Ratings Company, Philadelphia.

More information about the hearing is on the Web at http://banking.senate.gov/index.cfm?Fuseaction=Hearings.Detail&HearingID=136