Intending to prevent conflicts between credit rating agencies and their clients, European officials are putting the finishing touches on a draft law to overhaul regulations.

Like the boy who cried wolf, corporate and regulatory officials have issued a lot of hogwash over the years.

Members of Congress leveled sharp criticism at what they called egregious lapses at the credit-rating agencies.

Conflicts of interest were largely responsible for the disastrous performance of credit rating agencies in assessing the risks of mortgage-backed securities, former officials at Moody’s testified.

Documents revealed by a House panel show that executives were well aware that there was little basis for giving AAA ratings to thousands of mortgage-related securities.

The insurer said it had already drawn down $61 billion of its $85 billion emergency bridge loan, a move that startled credit ratings agencies.

The insurer said it had already drawn down $61 billion of its $85 billion emergency bridge loan, a move that startled credit ratings agencies.

MBIA and the Ambac Financial Group may have their debt rankings cut several grades after Moody’s raised its forecast for losses on securities backed by subprime mortgages.

In Thursday’s update on its third-quarter performance, Washington Mutual said that expected charge-off rates would climb in the quarter — albeit at a slower pace than in prior periods.

The attorney general of Connecticut accused the nation’s three big ratings firms of systematically underrating debt issued by local and state governments.