White House proposes crackdown on credit-rating agencies

October 5th, 2009 Fed seeks ratings competition for lending programWASHINGTON — The Federal Reserve may expand the field of credit ratings agencies that determine the eligibility of securities pledged for loans in a government program aimed at sparking more consumer and business lending. The Fed on Monday proposed allowing agencies that have registered with the Securities and Exchange Commission and that have experience with the securities being rated.

September 30th, 2009 Moody's exec denies claims of inflated ratingsWASHINGTON — The chief credit officer of Moody's Investors Service told Congress Wednesday that a former analyst's allegations of inflated ratings and conflicts of interest at the firm are groundless. Richard Cantor testified that the firm reviewed the complaints by ex-analyst Eric Kolchinsky, who was suspended from his job, and found them to be "unsupported." Kolchinsky has refused to cooperate with Moody's inquiry into the matter, Cantor said.

September 17th, 2009 Calif. AG launches probe of credit rating agenciesSAN FRANCISCO — California's attorney general said Thursday his office is investigating Wall Street's big credit rating agencies to determine what role they may have played in the collapse of the financial markets. Attorney General Jerry Brown said he has issued subpoenas to Moody's Investors Service, Standard & Poor's and Fitch Ratings to determine whether they violated state law in "recklessly giving stellar ratings to shaky assets." The agencies are crucial financial gatekeepers, and investors depend on their ratings of public companies and securities to gauge risk and make investment decisions.

September 17th, 2009 SEC proposes new rules for credit rating agenciesWASHINGTON — Regulators have proposed rules to stem conflicts of interest and provide more transparency for credit rating companies. They also proposed banning "flash orders," which give some traders a split-second edge in buying or selling stocks.

September 17th, 2009 Moody's stock slides on probes into credit ratingsDES MOINES, Iowa — Shares of rating agency Moody's Corp. fell Thursday as government agencies began looking into credit rating companies' actions during the financial crisis.

September 16th, 2009 White House may extend homebuyer tax creditWASHINGTON — The White House is considering extending an $8,000 tax credit for first-time homebuyers. Spokesman Robert Gibbs says the administration's economic team is evaluating the tax credit's impact on new home sales and will make a recommendation to the president.

September 2nd, 2009 Moody's lowers rating on Sotheby'sNEW YORK — Moody's Investors Service on Wednesday lowered its rating on Sotheby's one step further into junk status with the expectation that a downturn in the auction market will be deeper and longer than anticipated. Moody's downgraded its long-term rating to Ba3 from Ba2.

August 19th, 2009 S&P boosts EXCO Resources credit ratingDALLAS — Standard & Poor's Ratings Services said Wednesday it has increased the corporate credit rating it assigns to EXCO Resources Inc. after the petroleum company sold some of its assets.

July 21st, 2009 White House seeks tighter rules for credit ratersWASHINGTON — The Obama administration on Tuesday sent Congress legislation seeking to tighten government oversight of Wall Street's credit rating agencies and stem potential conflicts of interest in their business practices to protect investors. The plan also seeks to reduce reliance on an industry widely criticized for failing to give investors adequate warning of the risks in subprime mortgage securities that triggered the financial crisis.

July 18th, 2009 Moody's may downgrade Calif. pension funds' ratingSACRAMENTO, Calif.

July 2nd, 2009 Moody's downgrades Irish government debtLONDON — Ireland's debt rating was downgraded by Moody's on Thursday amid mounting worries about the country's public finances and the cost of the government's bailout of the banking system. The New York-based agency said it had lowered its rating by one notch to AA1 from the top AAA level and warned that another downgrade was possible.

May 23rd, 2009 NEW YORK - Stocks fell in late trading on Wall Street Friday for the fourth day on a weaker dollar and concerns the US government's credit rating is in danger. Fears of downgraded government credit ratings in Britain also prompted warnings that the US could lose its AAA credit rating due to its involvement in rescuing the financial industry.

April 25th, 2009 New York Times, McClatchy credit ratings cutNEW YORK — Moody's Investors Service on Friday downgraded the credit ratings of The New York Times Co. and McClatchy Co.

April 23rd, 2009 EU approves new rating agencies rulesSTRASBOURG, France — The European Union on Thursday approved new rules creating European oversight for credit rating agencies that have taken some of the blame for the financial crisis by rating bad debt as good. The European Parliament voted 569-47 in favor, overcoming the last major stumbling block for a preliminary deal agreed with EU governments last week that could bolster confidence in financial markets.

March 6th, 2009 CHENNAI - As the economic downturn bites and banks become more reluctant to lend to firms that do not have credit ratings, credit rating agencies are aggressively expanding to provide ratings for at least some of India's 12.8 million small and medium enterprises (SMEs). It is estimated that only about two percent of SMEs in India get financing from banks.