S&P in SEC’s crosshairs over CDO ratings
The Securities and Exchange Commission (SEC) is considering sanctioning Standard & Poor's (S&P) for allegedly violating federal securities laws, according to regulatory filings made by McGraw-Hill, the rating agency's parent company.
The potential civil injunctive action relates to the rating of a $1.6bn collateralised debt obligation (CDO), Delphinus CDO 2007-1, issued by Mizuho Financial Group in 2007.
The US Senate Permanent Sub-committee on Investigations described the Delphinus CDO as a "striking example" of the rating agencies' failures during the financial...
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