On July 22, 2014, the SEC notified Standard and Poor's Rating Service (S&P) that it could face enforcement action for alleged securities fraud violations in connection with six commercial mortgage-backed securities (CMBS) transactions that it rated in 2011. The SEC sent a Wells Notice notifying McGraw Hill Financial, Inc. (McGraw Hill), S&P's parent company, of the inquiry. McGraw Hill acknowledged the notice by filing a Form 8-K with the SEC, which included a press release. A Wells Notice informs a party that the SEC is considering civil charges, and provides the recipient with a last chance to defend against the charges.

McGraw Hill is already facing a lawsuit filed in February 2013 by the US DOJ as well as lawsuits in many states alleging that S&P inflated credit ratings on residential mortgage-backed securities (RMBS). S&P has been cooperating with the SEC and hopes to avoid another lawsuit. The SEC has yet to sue a major credit rating firm, and if the SEC decides to charge S&P, it will be the first lawsuit of its kind.