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Article: Now You See It Now You Don't; Ratings for corporations can be withdrawn at the company's request. Are some issuers trying to hide the bad news?(Cover Story)
- Article from:
- Investment Dealers' Digest
- Article date:
- April 3, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, 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: Aleksandrs Rozens
Standard & Poor's withdrew Houston-based Ion Geophysical's credit rating in March and did the same for Oklahoma City climate controls maker ThermaClime in February. Both companies asked the rating agency to do so.
Last month, Fitch Ratings downgraded Novelis Inc., offered a bleak outlook on the manufacturer of aluminum sheet and foil products and announced it was no longer rating the company. In March, Moody's Investors Service downgraded FGIC Corp. and gave the bond insurer a negative outlook. Moody's didn't specify why it stopped rating FGIC, saying only that it was for "business reasons."
The withdrawal of company ...