Despite some changes to their operations, the SEC said credit rating agencies still have more room to improve.

In a report released Sept. 30, the SEC issued its observations and concerns arising from the examination of 10 credit rating agencies registered as nationally recognized statistical rating organizations that are subject to SEC oversight.

The SEC found apparent failures in some instances to follow ratings methodologies and procedures, to make timely and accurate disclosures, to establish effective internal control structures for the rating process and to adequately manage conflicts of interest, according to the SEC.

Among the agency's recommendations to NRSROs are to improve conducting business in accordance with policies, procedures and methodologies, better management of conflicts of interest, implementation of ethics policies and internal supervisory controls.

The SEC examined the following credit rating agencies: A.M. Best Co. Inc., DBRS Inc., Egan-Jones Rating Co., Fitch Inc., Japan Credit Rating Agency Ltd., Knoll Bond Rating Agency, Moody's Investors Service Inc., Morningstar Credit Ratings LLC, Rating and Investment Information Inc., and Standard & Poor's Ratings Services.

The NRSRO examinations were required by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, according to the SEC.