IRS Axing Provisions Relying on Credit Ratings to Comply With Dodd-Frank

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IRS announces that it has issued rules that would remove any requirements to rely on credit ratings as part of Internal Revenue Code regulations and is seeking substitute standards of creditworthiness where appropriate. The changes are being made under a final and temporary rule (T.D. 9533) and a proposed rule (REG-118809-11), which were prompted by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.