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Moody’s Corporation Reports 2012 Revenues Up 20%

Moody’s reported revenue of $754.2 million for the three months ended December 31, 2012, up 33% from $567.1 million for the fourth quarter of 2011. Operating expenses for the fourth quarter of 2012 totaled $494.0 million, 25% higher than in the prior-year period, and included a non-tax deductible goodwill impairment charge of $12.2 million. Operating income for the quarter was $260.2 million, a 51% increase from $172.1 million for the ... Read More »

Standard & Poor’s Threatened By DOJ with Civil Lawsuit

Standard & Poor’s says the civil lawsuit threatened by the Department of Justice (DOJ) is without legal merit and unjustified and it will vigorously defend against erroneous claims regarding U.S. CDO ratings from 2007. One wonders why the DOJ waited more than five years to contemplate legal action and at a point when most legal cases against the ratings agencies ... 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 »

CoreLogic Introduces RMBS Bond Assessment Service

New Service Provides Automated, Transparent Credit Grades and Dynamic Surveillance on Non-Agency Residential Mortgage-Backed Securities CoreLogic® (NYSE: CLGX) announced the availability of CoreLogic Bond Tracker, an innovative bond assessment service for non-agency residential mortgage-backed securities (RMBS). The service offers granular, dynamic, and automated analyses of security holdings and underlying collateral. CoreLogic Bond Tracker will provide life-of-bond surveillance and aid investors, ... Read More »

Egan-Jones Rating Agency Barred by the SEC for 18 Months

Independent credit-rating agency Egan-Jones is barred by the SEC for 18 months from issuing ratings (as an NRSRO) on governments and ABS.  The firm was charged with saying on its SEC registration statement it had been issuing ratings since 1995, when it had not. Its president Sean Egan criticized the major rating agencies for blatant misconduct leading up to and ... Read More »

Turkey based Finar Group Acquired by CRIF

Italy based CRIF has acquired Turkey based Finar group of companies bringing together Finar, D&B Turkey and Kompass Turkey.  The group was acquired from Dubai based D&B Same. Board Member Dr. Selim Seval noted that the group will introduce a much larger number of value-added products and services to the Turkish market in parallel with CRIF’s worldwide investment strategy and ... 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 »

Analytics, Platforms, Software & Workflow plus Big Data Drive Developments in Business Information

Analytics, Platforms, Software & Workflow plus Big Data continue to remain the driving forces in business information accounting for 50% of business development activities in 2012 (see charts). Acquisitions accounted for 24% of announcements. In credit information there were two billion dollar deals in 2012.  Experian acquired a remaining stake in Serasa for US$ 1.5 bn.  Equifax paid US$ 1 ... Read More »

Rating Agencies Spat over Standards

The battle over market share for CMBS (Commercial Mortgage Backed Securities) is heating up and Julius Kroll, a relative newcomer lambasts the market leaders over standards.  According to a report in the Financial Times on November 6th, Kroll claims that ratings of the three largest rating agencies lack of substance.  Having been in the ratings business just over two years ... Read More »

D&B Global Year-end Review and 2013 Preview Indicates Sluggish, Uncertain Economic Outlook

Despite Business Improvements, the Euro Zone crisis and Fiscal and Social Policies Continue to Hamper Worldwide Recovery with Debt Downgrades at an Unprecedented Level D&B (NYSE: DNB) announced the results of its year-end global economic outlook, a comprehensive study based primarily on an analysis of the company’s proprietary business data. Based on D&B’s modeling and country risk analytics, the report provides ... Read More »

Moody’s Faces Ban on Rating Products Issued by Berkshire Hathaway

Moody’s faces a ban on rating products issued by Warren Buffett’s Berkshire Hathaway in an EU clampdown on alleged conflicts of interest at credit rating agencies. On Tuesday night the European parliament and EU member states agreed a draft plan to impose limited curbs on the sector that restrict when agencies can rate sovereign debt and give investors clearer grounds ... Read More »

SEC Says Rating Agencies Could be Better Managed

Without specifying names, the U.S. regulator said on Nov. 15 that ratings agencies in the country experienced problems such as the failure to follow policies, keep records, and disclose conflicts of interest.  Moody’s and Standard & Poor’s Corp. accounted for around 83% of all credit ratings, the SEC said.  Each of the larger agencies did not appear to follow their ... Read More »