Credit Ratings Agencies Close to Determining Overhaul Details with New York Attorney General
June 5, 2008
New York–Large credit rating agencies are close to reaching an agreement with New York Attorney General Andrew M. Cuomo about reworking their business practices, the Washington Post reports.Standard & Poor’s said it had settled on a plan but details were still being finalized to “help ensure our ratings process continues to be of the highest…
New York–Large credit rating agencies are close to reaching an agreement with New York Attorney General Andrew M. Cuomo about reworking their business practices, the Washington Post reports.Standard & Poor’s said it had settled on a plan but details were still being finalized to “help ensure our ratings process continues to be of the highest quality.”The other two major agencies–Moody’s Investors Service and Fitch Ratings–declined to comment, the Post said.As a result of the mortgage market collapse, Cuomo has been investigating how ratings agencies–which have been criticized for inaccurately judging mortgage investment risks in the past–charge bond issuers.
