124 STAT. 1881 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(vi) a description of the data about any obligor, issuer, security, or money market instrument that were relied upon for the purpose of determining the credit rating; ‘‘(vii) a statement containing an overall assessment of the quality of information available and considered in producing a rating for an obligor, security, or money market instrument, in relation to the quality of information available to the nationally recognized statistical rating organization in rating similar issuances; ‘‘(viii) information relating to conflicts of interest of the nationally recognized statistical rating organiza- tion; and ‘‘(ix) such additional information as the Commis- sion may require. ‘‘(B) QUANTITATIVE CONTENT.—Each nationally recog- nized statistical rating organization shall disclose on the form developed under this subsection— ‘‘(i) an explanation or measure of the potential volatility of the credit rating, including— ‘‘(I) any factors that might lead to a change in the credit ratings; and ‘‘(II) the magnitude of the change that a user can expect under different market conditions; ‘‘(ii) information on the content of the rating, including— ‘‘(I) the historical performance of the rating; and ‘‘(II) the expected probability of default and the expected loss in the event of default; ‘‘(iii) information on the sensitivity of the rating to assumptions made by the nationally recognized statistical rating organization, including— ‘‘(I) 5 assumptions made in the ratings process that, without accounting for any other factor, would have the greatest impact on a rating if the assumptions were proven false or inaccurate; and ‘‘(II) an analysis, using specific examples, of how each of the 5 assumptions identified under subclause (I) impacts a rating; ‘‘(iv) such additional information as may be required by the Commission. ‘‘(4) DUE DILIGENCE SERVICES FOR ASSET-BACKED SECURI- TIES.— ‘‘(A) FINDINGS.—The issuer or underwriter of any asset- backed security shall make publicly available the findings and conclusions of any third-party due diligence report obtained by the issuer or underwriter. ‘‘(B) CERTIFICATION REQUIRED.—In any case in which third-party due diligence services are employed by a nation- ally recognized statistical rating organization, an issuer, or an underwriter, the person providing the due diligence services shall provide to any nationally recognized statis- tical rating organization that produces a rating to which Public information.
