Moody’s Investors Service announced that it has published an updated Code of Professional Conduct.

The code, originally published in June 2005, implements the International Organization of Securities Commissions’ Code of Conduct Fundamentals for Credit Rating Agencies.

Moody’s says that the changes to its code reflect the company’s continuing efforts to clarify and enhance its policies and processes for ensuring the integrity, objectivity and transparency of its ratings processes, consistent with the IOSCO Code principles.

“In particular, the revisions reinforce the separation of the Moody’s Investors Service ratings business from other commercial activities of Moody’s Corporation, consistent with the business unit reorganization announced by Moody’s Corporation in August. The revised code also reflects enhancements to the company’s policy for separating its rating analysts from fee discussions with rated issuers to avoid conflicts of interest,” it notes.

“The MIS Code provides important transparency in how Moody’s Investors Service manages potential conflicts of interest in the ratings business,” said Brian Clarkson, president and chief operating officer of Moody’s Investors Service. “We will continue to consider additional measures to further demonstrate the independence of our rating process.”