Ratings Agencies Sign Reform Pact With N.Y. AG

By Christine Caulfield

Law360, New York (June 05, 2008, 12:00 AM ET) -- Under fire for failing to predict the subprime market crash, Wall Street's top three credit-rating agencies have reached an agreement with the New York state attorney general to institute major reforms to the bond-rating business.

Attorney General Andrew Cuomo announced the pact on Thursday in a joint statement with Standard & Poor's, Moody's Investor Service Inc. and Fitch Inc., saying the “landmark” deal would give the firms' greater independence and improve transparency across the mortgage-backed securities industry.

Under the agreement, the bond-rating firms will change their...
To view the full article, take a free trial now.

Already a subscriber? Click here to login

You must correct or enter the following before you can submit this form:

All fields required

  5. Required

Only Law360 gives you:

Non-stop coverage of high-stakes litigation across 30 practices

Real-time tracking and reports on 10,000+ companies, firms and industries

Over 80,000 attorney profiles with neutral data collected from active lawsuits

Research tools to find cases, court documents, attorneys and companies

Customized feeds and alerts that can easily be shared with colleagues

In-depth expert analysis from high-profile attorneys at top firms

Access to our vault with over 75,000 original articles