Standard & Poor's

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SEC & AGs Fine & Suspended S&P for MBS Rating Violations

The SEC and the Attorneys General of New York and Massachusetts this week fined Standard & Poor’s almost $77 million, suspended S&P from conduit-fusion CMBS ratings work for a year and imposed other undertakings, for...more

Standard & Poor’s Resolves Three SEC Actions, Makes Admissions

Standard & Poor’s Ratings Services was named as a Respondent in three settled administrative proceedings by the SEC. Each is tied to the Rating Services’ role in the conduit/fusion Commercial Mortgage Backed Securities market...more

This Week In Securities Litigation

The SEC named ratings giant Standard & Poor’s in three actions this week and one of its senior executives in another. The firm settled all three actions, admitting to a series of facts but not violations of the law in one...more

Financial Services Weekly News Roundup - January 2015 #3

Editor’s Note - The Supreme Court Halts Challenge by Retailers to the Debit Card Interchange Fee Rules: On January 20, 2015, the Supreme Court denied certiorari to a challenge by retailers to debit card interchange fee...more

As American as Duck Soup, the Marx Brothers and Stepping In It

I am at the end of my week of Marx Brothers themed posts. As you can tell, I am a huge fan and several of you have asked which is my favorite film. Before answering I must confess that I much prefer their Paramount films to...more

Monetizing Real Estate: A Method to Access Capital

The financial situation for hospitals and health care organizations remains challenging. The accrediting agencies, Moody’s, Fitch, and S&P all have negative outlooks for the hospital industry. Hospitals are facing numerous...more

Orrick's Financial Industry Week in Review

ESMA Final Draft RTS for Central Clearing of Interest Rate Swaps under EMIR - On October 2, the European Securities and Markets Authority (ESMA) published a report containing final draft regulatory technical standards...more

Quarterly Investment Update - 3rd Quarter 2014

Stock Market Commentary - The S&P 500 has tallied 34 new highs year-to-date but it became a much bumpier ride in the third quarter. The S&P 500 ended the quarter up a mere 1.1%, though it was the leader among global...more

CLO Market Update: S&P Recovery Ratings, More’s the Merrier

While leveraged loan ETF and money market funds face an unsteady near-term future amidst ongoing retail investor outflow, the CLO market is rolling towards its busiest year ever. With year-to-date global issuance at...more

Bernstein Shur Business and Commercial Litigation Newsletter #44

We are pleased to present the 44th edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight recent cases that address subpoena enforcement, a rejected class action settlement, and...more

Are Stock Buybacks Hurting The Economy?

According to “Companies’ Stock Buybacks Help Buoy the Market,” by Dan Strumpf, published in the WSJ on September 15, 2014, “[c]ompanies are buying their own shares at the briskest clip since the financial crisis, helping fuel...more

Independent Hospitals Innovating, Finding New Partnerships in Response to Market Pressures

Standard & Poor’s (S&P) Rating Services recently warned the health care sector was at “a tipping point where negative forces have started to outweigh many providers’ ability to implement sufficient countermeasures.” S&P noted...more

People v. The McGraw-Hill Companies, Inc. et al

One thing common to all appellate lawyers— they love to appeal. But, as all appellate lawyers know, the right to appeal is fixed by statute. (Trede v. Superior Court (1943) 21 Cal.2d 630.) Thus, our ability to practice our...more

Securities Litigation Update

The summer may feel like a more leisurely time of year, but not in securities litigation news. Here are some of the more significant headlines...more

OCTA 91 Express Lanes Bonds Get 2 A's from S&P

In an historic move, Standard & Poor’s upgraded the Orange County Transportation Agency SR91 Express Lanes Toll Revenue Bonds to “AA-”, making it one the highest rated managed lanes projects in the world. The bonds were...more

Rating Agency Developments

On July 24, S&P issued a request for comment on changes to methodology and assumptions for assessing Japanese RMBS. On July 24, Fitch issued Asia-Pacific Consumer ABS ratings criteria. On July 24, Fitch issued...more

SEC Sends Wells Notice to S&P Concerning MBS Ratings

On July 23, S&P’s parent company, McGraw Hill Financial Inc., disclosed that it received a Wells notice indicating that the SEC’s enforcement staff had made a preliminary determination to recommend that the SEC institute an...more

Sustainability Reporting–Something to Consider

It’s common knowledge that investors, analysts and other stakeholders view certain non-financial information as increasingly important indicators of a company’s long-term value. This information tends to be grouped into three...more

Rating Agency Developments

On June 13, Moody’s announced that its private student loan default rate index will continue to decline. On June 13, Fitch announced that it has taken various conforming rating actions on enhanced municipal bonds and...more

Chilean Pension Funds Market Officially Open for Business for Irish UCITS.

Following Dechert’s series of reports in relation to the Chilean pension funds market and its accessibility to Irish UCITS, see Dechert OnPoint - Moody’s Upgrade Points to Reopening of the Chilean Pension Market to Irish...more

Quarterly Investment Update - 1st Quater 2014

Stock Market Commentary - The S&P 500's strong close on the final day of March accounted for nearly half of the first quarter return of 1.8%. Markets withstood a number of challenges, including a frigid winter, a...more

Orrick's Financial Industry Week in Review

ESMA Reports on Information that Competent Authorities Should Provide to it Under the AIFMD - The European Securities and Markets Authority (ESMA), has published a final report of technical advice for the European...more

Assured Guaranty and National Public Finance Guarantee Ratings Upgraded by S&P

On March 18, 2014, Standard & Poor's Ratings Services announced ratings upgrades for two bond insurers – Assured Guaranty Municipal Corp. (f/k/a Financial Security Assurance Inc.) to “AA” from “AA-” and MBIA Inc.’s National...more

Rating Agency Developments - January 28, 2014

On January 23, Fitch released its criteria for analyzing interest rate stresses in structured finance transactions and covered bonds. On January 22, DBRS released its methodology for rating wind power projects. On January 22,...more

Annual Investment Update: Economic Review & Outlook - December 31, 2013

Welcome 2014! We want to thank you for continuing to support the investment strategies we have in place to protect your wealth. The total return in the S&P Index in 2013 of 32.4% now has the index up an astounding 173% since...more

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