Credit Rating Agencies - The New York Times Oct. 3, 2014 Moodys Investors Service puts Metropolitan Opera under review for possible downgrade of its credit rating, underscoring gravity of companys financial challenges. MORE Sep. 4, 2014 Editorial cautions that two rules issued by Securities and Exchange Commission to overhaul credit rating flaws that precipitated financial crisis fall short of reforms required to avert future problems holds SECs choice to enact incremental rather than large-scale reforms will result in the preservation of systemic conflicts and loopholes. MORE Floyd Norris High & Low Finance column observes that credit rating and auditing industries continue to be plagued by conflicts of interest and consistent errors despite increased government oversight examines difficulties in navigating regulation in both cases. MORE Standard & Poors Ratings Services slashes its rating on the Puerto Rico Electric Power Authoritys revenue bonds by four notches to B- from BB, citing agencys inability so far to negotiate renewal of line of credit from Citibank and the threat of potential debt restructuring. MORE Gretchen Morgenson Fair Game column notes that a number of government pension funds have sued Moodys and Standard & Poors for misleading credit ratings during the financial crisis, but are still relying on their ratings when buying bonds or mortgage securities argues that contradictory stance is part of a systemic failure to hold ratings agencies liable and force them to overhaul faulty practices. MORE United States District Judge Jesse M Furman deals setback to Standard & Poors by ruling that lawsuits accusing company of inflating its credit ratings during financial crisis belong back in state courts. MORE Russia is scrambling to stem economic fallout as tensions over Ukraine continue to mount Russian Central Bank unexpectedly raises crucial interest rate in effort to help halt slide in country’s currency and stem flight of investment capital move comes after Standard & Poors downgraded Russias debt to near junk status. MORE Gretchen Morgenson Fair Game column examines why regulators have not followed through on elements of the Dodd-Frank financial reform law that were meant to rein in credit rating agencies after their failures during the 2008 financial crisis notes that some advocates hope Securities and Exchange Commission will abandon tepid rules that have languished for years and start over with tougher regulations. MORE Moody’s Investors Service downgrades Chicago’s credit rating to Baa1 from A3, putting it three notches above junk status cites city’s unfunded pension liabilities. MORE Puerto Rico Gov Alejandro Garcia Padilla says he plans to boost the island’s economy by overhauling its tax system and reducing government spending after two credit-rating agencies slapped the island with downgrades. MORE Analysts and traders said prices of some Puerto Rico bonds traded lower on Wednesday, but there was no mass selling that might indicate a panic. MORE Moodys downgrades its credit rating for Sony to junk status, saying prospects for turnaround at its consumer electronics business are poor. MORE Standard & Poors lowers European Unions top-level AAA long-term credit rating one level below to AAplus emphasizes that downgrade applies only to EUs borrowing as a supranational body and has no effect on individual member states. MORE Floyd Norris High & Low finance column evaluates claim by Bear Stearns hedge fund manager that firm could not be held responsible for collapse of mortgage-backed securities during financial crisis, arguing that blame cannot be put entirely on agencies that gave securities investment-grade ratings argues that such firms, at minimum, should volunteer to return management fees to the investors they served so badly. MORE Paul Krugman Op-Ed column contends decision by Standard & Poors to downgrade France is a clear demonstration that deficit scolds in Europe, and in America, are using debt fears to advance an ideological agenda maintains France has become the target of incessant negative propaganda for refusing to adopt austerity measures. MORE Standard & Poors cuts Frances credit rating to AA from AA+, saying it does not believe governments current policy course will restore growth. MORE As banks began reviving the market for bonds tied to home loans, Standard & Poor’s tough ratings of those bonds was hurting its bottom line. MORE Standard & Poor’s denounces $5 billion fraud lawsuit by Justice Dept as retaliation for its 2011 decision to strip country of its AAA credit rating says lawsuit is intended to punish it for exercising its First Amendment rights and that the suit seeks excessive fines. MORE Standard and Poor’s has been giving higher ratings than its big rivals to certain mortgage-backed securities, and its market share has tripled in the first half of 2013, an analysis shows. MORE Standard & Poors upgrades its outlook for long-term debt of United States, citing governments strengthened finances, recovering national economy and some easing of Washingtons political gridlock. MORE Illinois Gov Pat Quinn responds to states credit rating being downgraded again by Moodys Investors Service because of a pension debacle, calling lawmakers into a special session to finish the job. MORE Standard & Poor’s wins ruling that moves 15 lawsuits in which it and its parent company, McGraw-Hill Financial, were accused of fraudulently inflating credit ratings to single federal court in New York consolidation may limit potential for company to face multiple financial judgements or conflicting court rulings. MORE Fitch Ratings says it will downgrade Illinois state government credit from A to A-minus because lawmakers failed to enact solution to public-employee pension crisis. MORE Fitch Ratings strips Britain of its top AA rating score, citing weaker economic outlook that continues to hinder control of debt Fitch is second major ratings agency to downgrade nations credit. MORE Fitch ratings agency cuts its assessment of Italys sovereign credit lower rating is still within Fitchs scale of debt considered investment grade, but agency also gives Italys debt a negative outlook, citing economic and political turmoil. MORE News analysis Moodys decision to downgrade Britains credit rating highlights countrys economic malaise and its failure to keep pace with its European peers data suggests that countrys high-profile austerity program has not reduced deficit and has slowed recovery. MORE Letter from Floyd Abrams, lawyer for Standard & Poors in Justice Department litigation, responds to Feb 6 editorial on federal suit against S&P. MORE Gretchen Morgenson Fair Game column observes that lawmakers have tried to open world of credit-ratings agencies to more competition, but notes that for small firm R&R Consulting, it has been difficult to gain Securities and Exchange Commission approval. MORE Floyd Norris High & Low Finance column outlines Justice Departments civil suit accusing Standard & Poors of altering its ratings models for mortgage securities in order to retain clients during buildup to financial crisis. MORE Editorial welcomes lawsuit filed against Standard & Poors by Justice Department as move toward accountability points out underlying problem of lack of proper regulation of ratings industry still remains unresolved. MORE Credit reporting agency Moodys says it has revised its financial outlook for colleges and universities, assigning negative rating to entire field. MORE Financial markets and credit rating agencies are closely watching negotiations on both the fiscal impasse and the raising of the debt ceiling. MORE Standard & Poor’s ratings agency upgrades Greece’s credit grade by six notches to B-, highest grade it has given Greece since June 2011 reflects view that the other 16 European Union countries are determined to keep Greece in the currency union upgrade lifts Greece out of default but leaves its devalued bonds in junk status. MORE Moodys Investor Service downgrades debt of Puerto Rico to just above junk status, putting pressure on governor-elect Alejandro Garcia-Padilla to show credible plans for staving off a crisis. MORE Decision by Moodys Investor Service to downgrade Frances prime debt rating makes it likely that European Financial Stability Facility and the European Stability Mechanism, two organizations handling euro zone bailouts, will soon be downgraded as well. MORE Moodys Investors Service downgrades Frances sovereign debt rating by one notch, to Aa1 from Aaa, citing countrys uncertain fiscal outlook as result of deteriorating economic prospects. MORE Floyd Norris High & Low Finance column notes that legal and regulatory protections for credit rating agencies may have started to break down in the wake of financial crisis notes federal judge in Australia has found Standard & Poors liable for issuing top investment-grade rating of AAA for a complex and risky financial product issued by Dutch bank ABN. MORE Standard & Poors downgrades New Jerseys financial outlook to negative from stable agency says it believes Gov Chris Christies revenue projections for the current fiscal year are overly optimistic, and warns that the $32 billion budget is structurally unsound. MORE Congressional leaders dig in their heels against any quick deal to resolve a looming fiscal disaster before the November election, even as the ratings agency Moodys Investor Service warns that it will downgrade the governments debt if no solution is found by year’s end. MORE Moody’s Investors Service cuts the European Union’s credit outlook to negative says EUs rating will be particularly vulnerable to any changes in the AAA ratings of Germany, France, Britain and the Netherlands. MORE Standard & Poors downgrades Illinois credit rating from A+ to A because of what it calls weak pension funding levels and a lack of action on reform measures from the Legislature. MORE Court documents in a civil suit in federal court cast doubt on the independence of Moody’s and Standard & Poor’s in grading a deal involving a British debt issuer, Cheyne Finance, that went bad in 2007 investors say their losses resulted from fraud and negligence by Morgan Stanley, which marketed the deal, and the rating agencies defense says losses were caused by market decline. MORE Analysts do not expect credit downgrades of several big banks to increase the costs of consumer borrowing experts hold that banks have sufficient liquidity to absorb losses related to the downgrades without passing on costs to their customers. MORE European leaders face increasing pressure to respond to the regions financial problems as Spanish bond yields hit 7 percent after a credit downgrade from Moodys Investors Service, a level that has prompted full bailouts of other nations Italy auctions 10-year bonds at 6.13 percent. MORE Moodys Investors Service cuts its credit rating on Spanish government debt by three notches, saying the newly approved euro zone plan to help Spains banks will increase the countrys debt burden says it could lower Spains rating further. MORE Ford Motor Company receives a second investment-grade rating from Moodys Investor Service rating allows company to reclaim assets that it pledged in 2006 as collateral on $23.5 billion in loans that helped it survive the recession without taking a government bailout assets included the companys iconic logo. MORE Greece’s caretaker prime minister, Panagiotis Pikrammenos, appoints a mix of veteran politicians and eminent economists to act as a temporary cabinet until June 17, when the second general election in a little more than a month is scheduled to be held rating agency Fitch announces that Greeces debt rating has been lowered from a B-minus to a CCC. MORE Standard & Poors downgrades Spains credit rating, saying the countrys sovereign debt levels are too high and that its banks need an infusion of aid as the economy contracts credit rating is still regarded as investment grade, but reduction from A to BBB+ could increase borrowing costs. MORE Apr. 1, 2012 European Union finance ministers agree to require companies to rotate ratings agencies, though the rules still must be approved by governments and the European Parliament. MORE Fitch warns Britain could lose its top AAA investment grade rating because its economy might not be flexible enough to absorb economic shocks lower outlook is likely to give ammunition to the opposition Labour Party. MORE Show More Loading
Posted on: Tue, 13 Jan 2015 18:06:41 +0000
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