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Judge lets U.S. Pursue $5-billion Fraud Lawsuit Against S&P

The U.S. government may proceed with its $5 billion lawsuit accusing Standard & Poor’s of misleading investors by inflating its credit ratings, after a federal judge rejected the rating agency’s effort to dismiss the civil fraud case.  See previous BIIA coverage. In a written decision late on Tuesday, the judge said the government could pursue claims that S&P manipulated ratings ... Read More »

McGraw Hill Financial Seeks to Increase Investment in CRISIL

Initiates Voluntary Offer for Additional 22.23% of India’s Leading Credit Ratings, Research Company McGraw Hill Financial (NYSE: MHFI) announced it is making a voluntary open offer to acquire up to 15,670,372 shares, representing 22.23% of the total equity shares outstanding in CRISIL Limited, a global analytical company and India’s leader in credit ratings and research. Full acceptance of the offer ... Read More »

Moody’s Q1 2013 Revenues up 13%

For Moody’s Corporation overall, global revenue of $731.8 million for the first quarter of 2013 was up 13% from the first quarter of 2012. U.S. revenue of $406.1 million for the first quarter of 2013 increased 18% from the first quarter of 2012, while revenue generated outside the U.S. of $325.7 million increased 8% from the prior-year period. Revenue generated outside the U.S. represented 45% of ... Read More »

Buffett’s Berkshire Sells 1.75 Million Moody’s Shares

Warren Buffett’s Berkshire Hathaway Inc. (BRKA, BRKB) sold 1.75 million shares of Moody’s Corp. (MCO), reducing its stake in the ratings firm by about 6.1% as the stock reached a high last seen in the summer of 2007. Berkshire remains the ratings firm’s largest shareholder, with a stake of about 26.7 million shares, or 12%.  Berkshire sold the shares beginning on Monday and ... Read More »

McGraw-Hill Companies Q1st 2013 Revenues up 14%

The Company reported first quarter 2013 revenue of $1,181 million, an increase of 14% compared to the same period last year.  Net income and diluted earnings per share from continuing operations were $153 million and $0.54, respectively.  Excluding the impact of one‐time costs related to the separation of McGraw‐Hill Education and legal settlements, adjusted net income from continuing operations increased ... Read More »

Moody’s and S&P Reach Settlements in Long Standing Lawsuits

Settlements have been reached in two long-running lawsuits seeking to hold Moody’s Investors Service and Standard & Poor’s responsible for misleading investors about the safety of risky debt vehicles that they rated. The lawsuits had accused Moody’s, a unit of Moody’s Corp, and S&P, a unit of McGraw-Hill Cos , of negligent misrepresentation over their activities regarding the Cheyne and Rhinebridge ... Read More »

Business Information: What Grows and What Does Not?

This is BIIA’s latest update on 2012 revenue growth based on the latest annual reports.  We have mapped the individual growth rates of major business information suppliers against Outsell’s growth estimates for 2012.   Outsell’s Credit & Financial Information segment grew by 6% to US$ 55bn. The company information segment grew by 6% to US$ 5bn.  The Outsell growth benchmark of ... Read More »

SME Ratings: Creditrefom Rating Enters into Co-operation with Feri EuroRating and Fischer Bussmann Konrad

Creditreform Ratings AG (a specialized SME credit rating company based in Germany) has entered into a co-operation with Feri EuroRating Services AG and Fischer Bussmann Konrad GmbH.  The purpose of the co-operation is to create customer-specific industry reports. Creditreform contributes 70,000 financial statements from its Financial Statements Database covering approximately 200,000 companies.  Feri EuroRating contributes industry benchmarks and Fischer Bussmann ... Read More »

Crisil India: Bank Loan and SME Ratings Drives Growth

Crisil Ltd, one of India’s credit rating agencies, has reported a 7.5 per cent rise in net profit at Rs 60 crore during the October-December quarter compared with Rs 56 crore in the year-ago period.  Its consolidated profit-after-tax was Rs 220 crore against Rs 206 crore, an increase of 6.8 per cent, the company said in a statement. Consolidated total ... Read More »

Earnings Season Scorecard: What Grows and What Does Not?

Since our last posting on February 8th a number of major industry players announced their Q4 and annual results for 2012. Rating Agencies have taken also the lead in showing an incredible revenue and income growth in ratings and analytics.  Thomson Reuters Governance, Risk & Compliance Unit raked up an impressive growth of 22% for the quarter (and 42% for ... Read More »

McGraw-Hill Financial Reports Record Revenue Growth in Q4 2012

The McGraw-Hill Companies (NYSE: MHP) reported fourth quarter and full-year 2012 results.  Because of the pending sale of McGraw-Hill Education, this business has been reclassified as a discontinued operation and its results are excluded from continuing operations. In addition, in anticipation of the formation of McGraw Hill Financial and the first full year of operation of the S&P Dow Jones ... Read More »

Moody’s Corporation Increases Share Repurchase Authorization by $1 Billion

On February 12, 2013, the Board of Directors of Moody’s Corporation (NYSE: MCO) authorized a new $1 billion share repurchase program. Moody’s expects to commence repurchases under the new program following completion of the existing program, which had $677 million of share repurchase authority remaining as of December 31, 2012. The company plans to repurchase shares systematically and opportunistically subject to available cash, market conditions and other ... Read More »

Shooting the Messenger? U.S. DOJ Ready to Bear Down on Ratings Agency Standard & Poor’s

The U.S. Department of Justice (DOJ) confirmed what began as speculation from media sources and eventually the defendant itself, on February 4, by filing a lawsuit against one of the “big three” credit ratings agencies. Just weeks after the European Union voted on measures essentially designed to censor overly-negative analysis, warranted or not, by the agencies, the U.S. federal government ... Read More »