Credit Agencies Lowered Bond Ratings: Conn. AG

Law360, New York (July 30, 2008, 12:00 AM EDT) -- Connecticut’s attorney general has filed suit against three credit-rating agencies, saying they gave artificially low credit ratings to bonds issued by the state and its cities and municipalities, in the first court action stemming from an investigation into possible antitrust violations by the agencies and bond insurers.

Attorney General Richard Blumenthal filed three suits Wednesday in Superior Court in Hartford, Conn., against Moody’s Corp., Fitch Inc. and the McGraw-Hill Cos. Inc., the parent company of credit-rating agency Standard & Poor’s, accusing the companies of breaching Connecticut’s...
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