Their ratings of corporate debt may have held up well, but they were way off in structured securities, not a lot better in sovereign debt, and now their municipal-bond ratings, too, are under fire.

The rule is a response to Goldman’s infamous ABACUS transaction, a synthetic collateralised-debt obligation that the bank structured and marketed before the crisis.

The rule is a response to Goldman's infamous ABACUS transaction, a synthetic collateralised-debt obligation that the bank structured and marketed before the crisis.