On May 7, Moody’s filed its Form 10-Q with the SEC, disclosing that it received a “Wells Notice” from the SEC Staff stating that the Staff is considering recommending that the SEC institute administrative and cease-and-desist proceedings against Moody’s in connection with its initial June 2007 application on SEC Form NRSRO to register as a nationally recognized statistical rating organization. Moody’s Form 10-Q.