The US Securities and Exchange Commission fined six major credit rating organizations a total of $49 million for their “significant failures” to keep electronic communications.

Moody’s Investor Services and S&P Global Ratings agreed to pay the heftiest fines, a $20 million civil penalty each. Fitch Ratings agreed to pay $8 million, A.M. Best Rating Services agreed to pay $1 million, HR Ratings de México, S.A. de C.V. $250,000, and Demotech agreed to pay $100,000, respectively.

The firms admitted to the facts in the SEC orders, which said they violated recordkeeping provisions of federal securities laws, the SEC said.

For example, Moody’s Ratings Employees – including at the senior level – were communicating about credit ratings activities via text messages and WhatsApp on their personal devices, according to an SEC order. That included an associate managing director making off-channel comments about credit rating clients.

“We have seen repeatedly that failures to maintain and preserve required records can hinder the staff’s ability to ensure that firms are complying with their obligations and the Commission’s ability to hold accountable those that fall short of those obligations, often at the expense of investors,” said Sanjay Wadhwa, Deputy Director of the SEC’s Division of Enforcement, in a statement Tuesday.

With the exception of A.M. Best and Demotech, the firms must also hire a compliance consultant. The SEC said A.M. Best and Demotech “engaged in significant efforts” to comply with the requirements and cooperated with the investigation.

Moody’s, S&P Global Ratings, Fitch Ratings, and HR Ratings de México agreed to conduct a comprehensive review of policies regarding retention of electronic communications.

“Moody’s is fully committed to upholding our regulatory record-keeping obligations, and we are pleased to put this matter behind us,” a Moody’s spokesperson said in a statement.

In a statement, HR Ratings said over the past year it “has significantly strengthened its electronic recordkeeping policies and procedures. The settlement with the SEC underscores our firm commitment to upholding regulatory standards in every jurisdiction where we operate.”

A.M. Best Rating Services said it appreciated the SEC’s recognition of its recordkeeping requirement compliance and its decision that the firm doesn’t need a compliance consultant. “AM Best places great importance on our regulatory responsibilities and remains committed to the integrity of our ratings process and high-quality independent credit ratings,” a spokesperson said.

In a press release Tuesday, S&P Global said it was “pleased to have concluded this matter. SPGR takes compliance with regulatory obligations very seriously and is committed to the integrity of its ratings process and high-quality independent credit ratings.”

CNN has reached out to the remaining credit rating firms for comment.