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Subprime mess hits rating agencies; Shares of Moody's, S&P wilt as hybrid securities dry up.(News)
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Crain's New York Business
- Article date:
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July 30, 2007
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Copyright informationCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Aaron Elstein
Cascading prices of oceans of securities backed by subprime mortgages are exacting a heavy toll on the world's two top credit-rating agencies--Moody's Investors Service and Standard & Poor's.
Shares of New York-based Moody's and McGraw-Hill Cos., the parent of S&P, have both fallen more than 10% this month alone. Investors fear that the hugely lucrative business of rating such exotic financial instruments will dry up.
Meanwhile, a Moody's shareholder filed a suit earlier this month alleging that a top executive had misled investors about ratings of subprime debts, and lawyers for the holders of billions of dollars worth of those securities ...
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