Moody's Corp. (MCO) has begun to hand over documents to the Financial Crisis Inquiry Commission just one day after the bipartisan panel subpoenaed the rating agency for failing to comply with its previous requests, a person familiar with the matter said.

The bipartisan commission, led by former California state treasurer Phil Angelides, issued the subpoena after Moody's missed a March 23 deadline to release documents that the panel requested months earlier. Angelides said that McGraw-Hill Cos.' (MHP) Standard & Poor's unit, and other rating agencies, have cooperated with information requests.

The subpoena was issued because Moody's hadn't submitted a broad array of information requested by the panel, not requests for specific documents on any specific ratings actions, the person said.

Moody's said in a statement Wednesday that it "continues to devote substantial resources to producing documents and making our people available" to the committee.

Spokesman Michael Adler said Thursday that the firm "looks forward to the opportunity to provide the committee with our perspective as it seeks to understand the financial crisis and the role of the rating agencies."

This was the first such subpoena issued to a company by the panel, which was created by Congress last year and is required to release its findings by Dec. 15.

The commission's next public hearing, titled "The Shadow Banking System," will begin on Wednesday, May 5 and end the following day. The sessions will include testimony from executives and employees of Bear Stearns Cos., the Treasury Department, the Securities and Exchange Commission, and State Street Corp. (STT)

-By Joe Bel Bruno, Dow Jones Newswires; 212-416-2469; joe.belbruno@dowjones.com
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