NEW YORK - Credit rating agencies DBRS Inc. and Kroll Bond Rating Agency, LLC agreed to pay civil penalties to settle U.S. Securities and Exchange Commission (SEC) related to record-keeping failures, the regulator said on Friday.

Employees at both firms failed to preserve electronic communications, including off-channel messages on personal and work-issued devices, the SEC said. DBRS was also charged with violations related to ratings of certain commercial mortgage-backed securities.

To settle the charges, DBRS agreed to pay $8 million in civil penalties and KBRA agreed to pay $4 million in civil penalties, the SEC said.

(Reporting by Chris Prentice;)