Standard & Poor’s, the largest credit rating agency, was misrepresenting the rigour and conservatism of its ratings on mortgage securities as recently as last summer, according to a legal settlement with regulators announced on Wednesday.
S&P engaged in a “race to the bottom” to win business, the US Securities and Exchange Commission found, and its failings extended beyond faulty ratings on commercial mortgage-backed securities which triggered the investigation in 2011.
“These actions reflect a deep cultural failure at S&P and a failure to learn the lessons of the financial crisis,” said Andrew Ceresney, enforcement director at the SEC.
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