ASIC has announced that it has decided to withdraw current class order relief that allows issuers of investment products to cite credit ratings without the consent of credit rating agencies.

From 1 January 2010, issuers must ensure that the credit rating agency has given its consent for the inclusion of a credit rating (and its form and context) in any fund raising or takeover documents that will be issued after this date.

Also from 1 January 2010, credit rating agencies will be required to hold an Australian Financial Services (AFS) licence. (see here).