SEC considers enforcement action against S&P
The US 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.
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CDOs are structured finance instruments organised in
tranches or waterfalls. The top layer is considered the most secure
as...
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