NEW YORK — Major credit rating agencies were a step closer yesterday to settling with New York Attorney General Andrew Cuomo to overhaul business practices in the aftermath of the subprime mortgage crisis.

Standard & Poor's, the world's largest rating agency, said late yesterday that an agreement has been reached with Cuomo's office. However, final details were still being worked out and an official deal could be announced as soon as today.

Moody's Investors Service and Fitch Ratings, the other two major agencies, did not comment about the negotiations.

Cuomo has been probing how all three agencies charge fees to the very bond issuers asking for ratings.

The agencies have been criticized for failing to accurately assess — and warn investors about — the risks that mortgage investments posed to financial markets.