Moody's Cites Cyberattack In Downgrading Equifax Outlook
Law360 (May 23, 2019, 5:22 PM EDT) -- Credit ratings agency Moody's has lowered its rating outlook for Equifax Inc. in what it is calling its first-ever downgrade stemming from a cyberattack.
Analysts with Moody's Investor Service said Wednesday that they have lowered the credit reporting giant's future outlook rating from "stable" to "negative" as Equifax continues to deal with the fallout from a 2017 data breach that exposed personal data from nearly half of all Americans. Moody's cited Equifax's increasingly expensive response to lawsuits and government investigations, which the company reported cost $690 million in the first quarter of 2019 alone.
Equifax is expected to spend roughly $400...
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