The rating firm found in an Aug. 3, 2011, credit opinion that one of MF Global's "credit strengths" were efforts to "strengthen risk management, " according to the subcommittee's letter.

WSJ: MF Global Probe: Congress Presses Rating Firms

Better banking supervision and risk management - all the reforms we talk about endlessly here in the UK to strengthen the financial system - will be one part of making the world a safer place, in rich countries and emerging ones like Brazil.

BBC: IMF follows the money in Brazil