Credit ratings reference regulation is necessary regulation to adapt to the information society, credit economic and government functions socialization; to optimize financial supervision; to perfect financial market system and improve financial market' s efficiency. It is unworthy to repeal ratings reference regulation for so-called rating failure. Proper measures should be: Advocate government intervention to ratings reference and set related regulation; Establish a model of "market to produce, active rating, user to pay" to ensure supply of credit ratings information; Build a "unified, transparent, dynamic" recognization regulation on rating agency; Develop a special regulatory system to structured finance products rating.