At this J.P. Morgan conference, which hosted an expert panel on the “Future of Credit Rating Agencies,” discussion focused on potential impact of Dodd-Frank and other reforms globally, the competitive landscape, the issuer-pay model, and legal issues. The panelists agreed; that it's still early days to assess impact of new regulations on S&P, Moody’s, and Fitch; there remains ample investor demand for independent credit opinions; and it will take some time for new entrants to gain meaningful share. We think the panel highlighted unique perspectives on the challenges and opportunities for incumbents and new entrants.

WilmerHale partner Daniel Gallagher was a featured speaker at this event, participating in the expert panel entitled "Future Of Credit Rating Agencies."