The U.S. Securities and Exchange Commission (SEC) has charged six major credit rating agencies with significant recordkeeping failures. The agencies involved include Moody's Investors Service, S&P Global Ratings, Fitch Ratings, HR Ratings de Mexico, A.M. Best Rating Services, and Demotech. These firms have admitted to wrongdoing and agreed to pay penalties totaling more than $49 million. The charges, announced on Tuesday, stem from failures to maintain and preserve electronic communications, including the use of off-channel communications such as P2P messaging and texts. This case is part of the SEC's broader investigation into recordkeeping practices within the financial industry.