Organization

Standard & Poor’s

U.S. credit rating agency; in 2004 to 2007 a division of McGraw-Hill, later McGraw Hill Financial.

9 links, 9 backed by primary records. 3 more in open data

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Also known as: S&P, S&P Ratings, Standard & Poor’s Ratings Services
Wikidata: Q106158

Over time

member of Nationally recognized statistical rating organizations (rating organization) 1975 –
19801990200020102020

Legal records

Justice Department’s 2013 civil suit over S&P’s ratings of mortgage securities

Feb 2013 Charged by U.S. Department of Justice: civil suit alleging a scheme to defraud investors in RMBS and CDOs 1 2
3 Feb 2015 Settled with U.S. Department of Justice: $1.4B, agreed statement of facts; S&P says the settlement contains no findings of violations of law 1 2

A charge is an accusation, not a finding of guilt.

Connections 9

headed by

Deven Sharma 22 Oct 2008 president Primary record 3

member of

Nationally recognized statistical rating organizations 1975 – rating organization Primary record 4 5

charged by

U.S. Department of Justice Feb 2013 civil suit alleging a scheme to defraud investors in RMBS and CDOs Primary record 1 2

settled with

U.S. Department of Justice 3 Feb 2015 $1.4B, agreed statement of facts; S&P says the settlement contains no findings of violations of law Primary record 1 2

involved in

Financial crisis of 2008 Primary record 4
Mass rating downgrades of July 2007 Primary record 6
Senate hearing on credit rating agencies, 23 April 2010 Primary record 7
S&P settlement with the Justice Department, 3 February 2015 paid $1.375 billion Primary record 1

adopted

Issuer-pays model Primary record 4
The report says the rating agencies as a group changed to this model in 1970.

Timeline 4 dates

1975 – Standard & Poor’s member of Nationally recognized statistical rating organizations
22 Oct 2008 Deven Sharma head of Standard & Poor’s
Feb 2013 Standard & Poor’s charged by U.S. Department of Justice
3 Feb 2015 Standard & Poor’s settled with U.S. Department of Justice

Proof 7 sources

Justice Department and State Partners Secure $1.375 Billion Settlement with S&P for Defrauding Investors in the Lead Up to the Financial Crisis, U.S. Department of Justice, 3 Feb 2015. Primary record Archived copy
to resolve allegations that S&P had engaged in a scheme to defraud investors in structured financial products known as Residential Mortgage-Backed Securities (RMBS) and Collateralized Debt Obligations (CDOs).
the Department of Justice and 19 states and the District of Columbia have entered into a $1.375 billion settlement agreement with the rating agency Standard & Poor’s Financial Services LLC
McGraw Hill Financial and S&P Ratings reach settlements with DOJ, Attorneys General of 19 States and District of Columbia and with CalPERS, Standard & Poor’s, 3 Feb 2015. Self-published
which fully resolves the DOJ’s February 2013 lawsuit regarding ratings issued and surveilled by S&P Ratings in the 2004-2007 time period
The settlement contains no findings of violations of law by the Company, S&P Financial Services or S&P Ratings.
Credit Rating Agencies and the Financial Crisis, hearing before the Committee on Oversight and Government Reform, House of Representatives, House Committee on Oversight and Government Reform, 22 Oct 2008. Primary record
Deven Sharma, president, Standard & Poor's
Wall Street and the Financial Crisis: Anatomy of a Financial Collapse (majority and minority staff report), Senate Permanent Subcommittee on Investigations, 13 Apr 2011. Primary record Archived copy
The United States has three major credit rating agencies: Moody’s, S&P, and Fitch Rating Ltd., each of which is a NRSRO.
Inaccurate AAA credit ratings introduced risk into the U.S. financial system and constituted a key cause of the financial crisis.
In 1970, the credit rating agencies changed to an “issuer-pays” model and have used it since.
The Financial Crisis Inquiry Report (final report incl. dissenting statements), Financial Crisis Inquiry Commission. Primary record
at the time, that was Moody’s, S&P, or Fitch.
Annex 1: Statement of Facts (S&P settlement), U.S. Department of Justice, 3 Feb 2015. Primary record Archived copy
On July 10, 2007, S&P publicly announced the placement of “credit ratings on 612 classes of [RMBS] backed by U.S. Subprime collateral on CreditWatch with negative implications.”
Wall Street and the Financial Crisis: The Role of Credit Rating Agencies, S. Hrg. 111-673, Senate Permanent Subcommittee on Investigations, 23 Apr 2010. Primary record
We have used as case histories the two biggest credit rating agencies in the United States, Moody’s and Standard & Poor’s

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