The credit rating agency Standard and Poor's has criticised Australia's Securities and Investment Commission's new licensing rules.
It says the commission's requirements for credit-rating agencies to be members of an approved external dispute resolution scheme will interfere with the analytical independence of its rating opinions.
Standard and Poor's has withdrawn its application for a retail financial services license, which means its credit ratings won't be available to Australian retail investors from January, when the new regulations come into effect.
The agency says the requirements could result in the creation of dual credit rating, which would ultimately create investor confusion and harm financial markets.
But Standard and Poor's has applied for a new wholesale financial services licence.