Defendant Name:
Standard & Poor's Ratings Services
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
McGraw Hill Financial, Inc.
SIC Code:
2731
CUSIP:
58064510
Document Reference:
33-9705
Document Details
Legal Case Name
In the Matter of Standard & Poor's Ratings Services
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Sections 15E (d) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
21-Jan-2015
Document Format
Administrative Proceeding
Allegation Type
Other
Document Summary
On January 21, 2015, the SEC instituted settled administrative and cease-and-desist proceedings against Standard & Poor's Ratings Services. According to the SEC: "These proceedings involve statements by S&P concerning its methodology for rating conduit/fusion Commercial Mortgage Backed Securities ('CF CMBS'). Conduit/fusion transactions are those that are comprised of geographically diversified pools of at least 20 mortgages loans made to unrelated borrowers. The disclosures at issue concern S&P's application of the Debt Service Coverage Ratio ('DSCR'), a key quantitative metric used to rate CF CMBS transactions."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
Various undertakings
Monetary Penalties:
Disgorgement
Individual:
$6,200,000.00
Shared:
Civil Penalty
Individual:
$35,000,000.00
Shared:
Pre-Judgment Interest
Individual:
$800,000.00
Shared: