Tag Archives: credit rating

S&P to pay $1.4 billion settlement for defrauding investors

S&P Standard and Poor's

One of the world’s biggest credit rating agencies has agreed to pay United States prosecutors nearly $1.4 billion to settle claims it defrauded investors ahead of the 2008 financial crisis. Under the terms of the settlement acknowledged on Tuesday this week, Wall Street giant Standard & Poor’s will pay a …

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China and Russia launching new credit rating agency in 2015

Flag China Russia

The new Universal Credit Rating Group (UCRG) is being set up to rival the existing agencies Moody’s, S&P and Fitch, and its first rating will be issued this year. The setting up of UCRG is in its final stages, ready to challenge the ‘Big Three’ that currently dominate the industry, …

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US government sues Standard & Poor’s after AAA downgrade

Standard Poor's

The US government is blaming the financial crisis that catapulted the US into recession in 2007 on debt raters Standard & Poor’s. But by singling out S&P, the DoJ raises suspicions that it might be retaliating for a downgraded US credit rating. In a Monday evening filing in federal court, …

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Top 50 safest global banks

Bank safe

For banking safely, global citizens had better go to the local government. And pretty much avoid the U.S. At least that seems to be the take away from Global Finance Magazine’s ranking of  the world’s safest banks.  The top 9 banks in the magazine’s World’s 50 Safest Banks list are …

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