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Fitch Rating Agency

Hearst Corporation to Increase Equity Interest in Fitch Group to 80 Percent

Hearst Corporation announced that it will purchase from Fimalac S.A. an additional 30 percent interest in global ratings agency Fitch Group, bringing Hearst’s equity interest to 80 percent.  Fimalac will retain a 20 percent equity interest in Fitch Group. The transaction is valued at $1.965 billion. Hearst acquired its original interest in Fitch Group in March 2006 and had most recently held 50 percent of ... Read More »

Fitch Group Acquires Business Monitor International

Fitch Group today announced it has acquired Business Monitor International (BMI), an independent provider of country risk and industry analysis specializing in emerging and frontier markets. Financial terms of the transaction were not disclosed. The addition of BMI strengthens and expands Fitch Group’s client offering in financial information services. Subscribers to BMI’s products include decision makers at multinationals, governments, academia, financial institutions, ... Read More »

Ratings Agency Fitch Bids For Mergermarket

Fitch Group has lodged an interest in acquiring Mergermarket, which charges subscribers fees for supplying information about takeover deals and companies to the City and Wall Street.  The business is being sold by Pearson, the FTSE-100 media and education group which owns the FT and a stake in Penguin Random House, the global book publisher. Final bids for Mergermarket are ... Read More »

Fitch Group Acquires 7city Learning – Announces Formation of Fitch 7city Learning

Fitch Group today announced it has acquired 7city Learning, a leading provider of learning and development solutions for the financial services industry.  Fitch is combining 7city with its Fitch Training unit to form Fitch 7city Learning, a global leader in financial training. Paul Shaw, previously CEO of 7city, will lead Fitch 7city Learning. The financial terms of the transaction have ... Read More »

Ratings Litigation Setback for Rating Agencies

Moody’s (MCO), S&P (MHP) and Fitch (FMLCF.PK) have failed in a bid to dismiss a lawsuit that accuses them of fraud in their ratings of Rhinebridge, an investment vehicle that failed in 2007.  District Judge Shira Scheindlin said in a ruling that the agencies could be liable if they misstated their opinions or if the ratings were false or misleading. Morgan ... Read More »

Hearst Raises Stake In Fitch Ratings To 50%

Hearst Corp agreed to buy another 10 percent of rating agency Fitch Group for $177 million as the media giant continues to diversify away from its newspaper foundations. Hearst bought the stake from France’s Fimalac SA (LBCP.PA). The two companies now each own 50 percent of Fitch, considered the third rating agency behind Moody’s Corp (MCO.N) and Standard & Poor’s, ... Read More »

IBM to Acquire ALGORITHMICS from Fitch Group

IBM is after Algorithmics in a deal valued US$387 million, that is to bolster its risk management offerings in light of increasing regulation in the financial markets. Algorithmics, founded in 1989, is owned by the Paris-based holding company Fimalac and is a member of the Fitch Group, the company said.  It provides analytics software and advisory services to 25 of ... Read More »

RATING AGENCIES FACE FURTHER PAIN WITH LANDMARK WALL STREET REFORM BILL

The Senate passed the landmark ‘Wall Street reform bill’ which includes important new requirements and oversight of rating agencies.  The most damaging aspect of the reform bill for rating agencies is the liability provision.  Investors could bring private rights of action against rating agencies for a knowing or reckless failure to conduct a reasonable investigation of the facts or to ... Read More »