Credit Rater S&P to Be Banned for a Year From Biggest Part of Commercial-Bond Market – Bloomberg

I wonder why they waited to deal with ratings from after the subprime period.

Will S&P crumble?  Are there other models of ratings production in other countries?  Does anyone have a more autonomous system (instead of fee for ratings)?

 

Standard & Poor’s will be suspended for a year from rating bonds in one of its most lucrative businesses in a $60 million settlement with the U.S. Securities and Exchange Commission, according to a person with knowledge of the matter.

The deal, which the person said may be announced as soon as tomorrow, is the agency’s toughest action yet in an industry blamed for fueling the 2008 financial crisis by assigning inflated grades to risky mortgage debt.

via Credit Rater S&P to Be Banned for a Year From Biggest Part of Commercial-Bond Market – Bloomberg.