Matt Robinson News
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American Express Co., the biggest credit-card issuer by purchases, and drugmaker Merck & Co. led borrowers selling or planning to issue at least $16.5 billion of bonds in the U.S. today.
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Jules Kroll, a former private investigator who started a bond-rating company after the financial crisis, said the largest credit-rating firms are again putting profits ahead of accuracy amid record demand for corporate debt.
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Almost six years after the start of the worst financial crisis since the Great Depression, bond issuers are again exploiting credit ratings by seeking firms that will provide high grades on debt backed by assets from auto loans to office buildings considered inappropriate by rivals.
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Last week’s court ruling against a group of Chesapeake Energy Corp. bondholders exposes another risk for investors seeking gains in a market where securities valuations are already at record highs.
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Fitch Ratings, the third-largest credit rater, is telling investors that bond defaults aren’t an indication that its grades are “wrong.”
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U.S. Federal Reserve Chairman Ben S. Bernanke’s unprecedented stimulus to spur economic growth has decreased the difference between yields of corporate and government securities to the least since 2007.
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Moody’s Corp., the second-largest credit rater, reported first-quarter profit that beat analysts’ forecasts on demand for company ratings.
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McGraw-Hill Cos., owner of the world’s largest credit rater, reported first-quarter sales that beat analysts’ estimates on higher ratings revenue.
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Moody’s Corp. and McGraw-Hill Cos., owner of Standard & Poor’s, rallied after settling a lawsuit by investors claiming the companies gave inflated grades on two structured investment vehicles.
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Barrick Gold Corp., the most indebted miner of the precious metal, raised $3 billion in a three-part bond offering to refinance debt as lower gold prices reduce profitability.
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