### Question
How does the law define rating agency?


### Answer
Under *45 U.S.C. § 821*, **rating agency** is defined as:

> a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization (as defined in section 78c(a) of title 15)

#### Citation:
  - *45 U.S.C. § 821*
  - Heading: **CHAPTER 17-RAILROAD REVITALIZATION AND REGULATORY REFORM > SUBCHAPTER II-RAILROAD REHABILITATION AND IMPROVEMENT FINANCING**

