Standard & Poor may be facing securities fraud charges for the ratings it gave to six different commercial securities which were mortgage backed. The securities were issued in 2011. If charges are pursued, it will be the largest legal battle a credit rating company has faced. Earlier today the company stated that they had received a Wells notice from the SEC. The notice indicated that the enforcement division intends to recommend the five member commission to authorize civil charges against the unit of McGraw Hill. A Wells notice does not guarantee that there will be charges filed by the SEC. S&P also received a Wells notice in 2011 because of its ratings of a debt obligation called "Delphinus." There were no charges brought up at that time even though three former employees and Mizuho Securities were charged for misleading investors. In that case, Mizuho paid $127 million in a settlement and the three employees settled but never admitted any wrongdoing.