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The report, which took nearly a year to prepare, outlines "serious shortcomings" of the largest rating agencies Fitch Ratings, Moody's and Standard & Poor 's fromJanuary 2004 through June 2008.
The probe only focused on the two largest rating agencies; it did not study Fitch Ratings.
A Congressional panel that chronicled the crisis called the largest rating agencies - Standard & Poor's, Moody's Investors Service and Fitch Ratings - "essential cogs in the wheel of financial destruction".
The largest rating agencies, which received their share of criticism for failing to foresee the collapse of Enron more than a year ago or the accounting debacles last year, are planning to include evaluations of accounting policies in credit reports.
And following the announcements on March 14th, the three largest rating agencies rethought AIG's AAA rating, long a feature of the company's advertising: Fitch downgraded the parent company a notch, while both Moody's and Standard & Poor's warned of possible downgrades.
The worlds largest rating agency, Standard & Poors, Tuesday raised Indias rating to investment grade for the first time since 1991.
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The retail industry is the largest rates payer, contributing over a quarter of the total rates tax take.
Illinois reported the largest rate increase, while it fell in 33 states.
Officials said the reductions, part of an agreement and an order by the Federal Communications Commission, amounted to the largest rate cut in the history of federal telephone regulation.
That measure of the effect of productivity on business costs showed the largest rate of decline since the fourth quarter of 1992.
DENVER — Colorado experienced the nation's largest rate of growth in impoverished children from 2000 to 2006, according to a study released Tuesday.
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