Ratings Agencies News
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The Bank of France wants to help banks package loans to businesses into tradable securities with the creation of a special-purpose vehicles, in what could become a template for the euro area.
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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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Genworth Financial Inc., the insurer rated one level above junk, said it needs to improve its credit grade before returning capital to shareholders.
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Swedbank AB, the second-best capitalized major lender in the European Union, said it expects its credit rating to improve as it reported a 3.4 percent increase in first-quarter profit after cutting expenses.
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Investors in carbon-intensive business could see $6 trillion wasted as policies limiting global warming stop them from exploiting their coal, oil and gas reserves, according to a report.
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John Corrigan, chief executive officer of Ireland’s National Treasury Management Agency, said he’s pressing ratings agencies to recognize the progress the nation has made in dealing with its problems.
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When the U.S. Justice Department charged Standard & Poor’s with fraud this month and demanded $5 billion in restitution, it culminated the Obama administration’s four-year pursuit of financial chicanery masquerading as sacrosanct credit ratings.
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Britain is forcing Stephen Jobling and his stroke patients to defend the nation’s AAA credit rating.
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South Africa’s budget is focused on achieving sustainable economic growth to reduce poverty rather than satisfying the concerns of credit rating companies, Finance Minister Pravin Gordhan said.
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Moody’s Corp. fell 6.8 percent to its lowest price since October after saying it may be sued by the U.S. Securities and Exchange Commission for filing false and misleading descriptions of its credit-rating policies.
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