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Standard & Poor’s Ratings Services Names Thomas Bayer Chief Information Officer

Standard & Poor’s Ratings Services announced the appointment of Thomas Bayer as Chief Information Officer.  Based in New York, Mr. Bayer reports to Neeraj Sahai, President, and is a member of the Standard & Poor’s Executive Committee. In this role, Mr. Bayer has responsibility for shaping the firm’s business systems’ direction and delivering its business systems worldwide.  He also manages ... Read More »

McGraw Hill Financial and S&P Ratings Reach Settlement with DOJ, 19 States, District of Columbia and CalPERS

Settlement includes payment of US$687.5 million to the US Department of Justice (DOJ), 687.5 million to the States and the District of Columbia.  The settlement with CalPERS is US$125 million.  In total McGraw Hill Financial is paying out 1.5bn.   McGraw Hill Financial, Inc. (NYSE: MHFI) (the “Company”) and its subsidiary Standard & Poor’s Financial Services LLC (“S&P Ratings) have reached a settlement ... Read More »

Standard & Poor’s Ratings Services Reaches Settlements with SEC and Attorneys General of New York and Massachusetts

Standard & Poor’s Ratings Services (S&P Ratings), a business unit of McGraw Hill Financial, Inc. (NYSE: MHFI) has reached a settlement with the U.S. Securities and Exchange Commission (SEC) to resolve the SEC’s investigation into six U.S. conduit/fusion commercial mortgage-backed securities (CMBS) transactions rated by S&P Ratings in 2011 and two additional U.S. conduit/fusion CMBS transactions from that period, the ... Read More »

Rating Shopping – SEC Versus S&P

SEC Seeking S&P’s Suspension from Rating Commercial Mortgage Bonds The U.S. Securities & Exchange Commission is seeking to suspend Standard & Poor’s from grading commercial-mortgage bonds in what would be the agency’s toughest action yet against a major credit rater, a person with knowledge of the matter said.  S&P parent McGraw Hill Financial Inc. (MHFI:US) is still in talks over a possible settlement ... Read More »

McGraw Hill Financial Cutting Rating Staff at S&P

McGraw Hill Financial Inc. (MHFI) is dismissing about 65 employees in its Standard & Poor’s ratings unit in addition to about 80 voluntary buyouts it accepted as of last month.  The cuts affect employees across the globe. Chief Executive Officer Doug Peterson is trying to improve adjusted operating profit margins by about 2 percent this year. He’s cut expenses since taking ... Read More »

McGraw Hill Financial Q3 2014 Revenue Up 10%

McGraw Hill Financial, Inc. reported third quarter 2014 results with revenue of $1.26 billion, an increase of 10% compared to the same period last year. Net income and diluted earnings per share from continuing operations were $188 million and $0.68, respectively. Adjusted net income from continuing operations increased 31% to $281 million and adjusted diluted earnings per share from continuing ... Read More »

Crisil India Launches First Index for Inflation-Linked Government Bonds

The Indian unit of Standard & Poor’s, Crisil Research, will launch Inflation-Indexed Government Securities Index (CRISIL IIGS Index), a first for the Indian bond market. CRISIL IIGS Index will track a portfolio of inflation-linked securities issued by India. The researchhouse said the index will provide market participants with an appropriate and easily accessible benchmark to measure and analyze the performance of such securities. Source: International Business Times Read More »

Credit Rating India: Roopa Kudva Resigns as CEO of CRISIL

The Indian Business Standard reported that Roopa Kudva has resigned as CEO of CRISIL.  Quoting Kudva, a CRISIL statement said, “Change at the top at judicious intervals is a sound governance practice and allows companies to refresh themselves. I am committed to ensuring a smooth transition.”  Kudva would remain at the company till a successor was identified and appointed, CRISIL ... Read More »

Standard & Poor’s Breaks into the SME Rating Segment with a ‘Ratings Lite’ Product

European regulators have given the green light for S&P to the launch of its ‘Ratings Lite’ product for SMEs.  S&P is now quietly sounding out potential clients in the UK, France and Germany for what it calls as a ‘mid-market evaluation’.  S&P’s “mid-market evaluation” requires less detailed and less regular financial disclosures to the rating agency than it would for ... Read More »

McGraw Hill Financial Reports Q2 2014 Revenues Up by 8%

McGraw Hill Financial, Inc. (NYSE: MHFI) reported second quarter 2014 results with revenue of $1.35 billion, an increase of 8% compared to the same period last year.  Taking into consideration the sale of Aviation Week as well as the sale of Financial Communications and the shutdown of several small products within S&P Capital IQ, organic revenue increased 9%. Net income ... Read More »

Standard & Poor’s Acquires Additional Stake in RAM Holdings Berhad

Standard & Poor’s Ratings Services (Standard & Poor’s) has acquired an additional 3.5% stake in RAM Holdings Berhad (RAM).  This acquisition increases Standard & Poor’s shareholding in RAM to 11.7%. Standard & Poor’s acquired an initial 4.9% stake in RAM in November 2011 and another 1.2% and 2.1% stake in August and October 2013, respectively.  The further expansion of its ... Read More »

S&P Seeks Staff Reductions:  Rating Agency to Become more Nimble

Standard & Poor’s is seeking voluntary buyouts from as many as 100 U.S. employees in what would be the biggest staff cuts since the financial crisis. The reductions, part of a productivity plan being implemented by S&P President Neeraj Sahai less than seven months into the role, seek to reduce layers of management. The buyouts, accounting for about 6 percent ... Read More »

S&P Dow Jones Indices Expands its Factor Index Family by Launching Low Beta and Intrinsic Value Weighted Indices

Launch broadens existing Factor-Based Index family S&P Dow Jones Indices (SPDJI) announced the launch of two comprehensive global factor index families:  S&P Low Beta indices and S&P Intrinsic Value Weighted indices. These new index families are designed to serve as benchmarks or investable solutions that seek to reflect the respective factor strategy. Factor indices are strategy indices that seek to ... Read More »

S&P Suffers Defeat in U.S. States’ Lawsuits over Ratings

Standard & Poor’s suffered a defeat in litigation accusing it of issuing misleading credit ratings prior to the 2008 financial crisis.  A federal judge ruled that lawsuits by 16 U.S. states and Washington, D.C. belong in state courts, not federal court. The decision by U.S. District Judge Jesse Furman in Manhattan may raise the McGraw Hill Financial Inc unit’s costs ... Read More »