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At S&P, a Crusader for Tough Ratings
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After S&P downgraded 17% of its Triple A-rated structured finance securities in 2010, the company has faced intense scrutiny about how it rates securities. Mark Adelson joined S&P in May 2008. He is the chief credit officer of S&P, and the man most responsible for S&P's efforts to reestablish its credibility as a ratings firm. He worked for Moody's in the late 1990's, before joining the research team at Nomura Securities in 2001. Adelson made changes to the S&P ratings system for mortgage securities in 2009, which resulted in cutting the ratings of 68% of its commercial-mortgage securities. Adelson also helped set the new S&P criteria on sovereign debt rating issued on June 30, 2011.
Reaction in financial markets to the U.S. credit rating downgrade to AA+
01/16/2009
The downgrade by credit ratings agency S&P for U.S. Treasury securities on August 5, 2011. The downgrade had been expected for several weeks as debt ceiling negotiations in Congress dragged on in July 2011.
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S&P's Lack of Sway on Display in U.S. Move
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S&P's Account of An Irate Treasury Secretary
New York Times 01/21/2014
For Markets, 'Lehman Effect' Not Likely
Wall Street Journal 08/06/2011
The Downgrading of a Debtor Nation
New York Times 08/08/2011
The system works - The Washington Post
Washington Post 08/12/2011
Raters Fail to See Defaults Coming
Wall Street Journal 08/12/2011
S&P and credit rating for U.S. debt
07/22/2011
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S&P's Account of An Irate Treasury Secretary
New York Times 01/21/2014
S&P Nears Settlement on Real-Estate Bond Ratings
Wall Street Journal 12/26/2014
Making the Call on U.S. Credit Rating
Wall Street Journal 07/22/2011
Wall Street Journal 07/23/2011
S&P downgrades U.S. credit rating for first time - The Washington Post
Washington Post 08/06/2011
S&P's Rationale for Downgrading the U.S.
New York Times 08/06/2011
S&P performance
08/11/2011
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McGraw Hill Financial Results Top Views on Rating Service Strength
Wall Street Journal 07/30/2014
S.&P. Nears Settlement With Justice Over Inflated Ratings
New York Times 01/12/2015
S.&P.'s $1.37 Billion Reckoning Over Crisis-Era Misdeeds
New York Times 02/03/2015
Wall Street Journal 08/11/2011
Raters Fail to See Defaults Coming
Wall Street Journal 08/12/2011
New S&P Chief Knows Crisis and Change
New York Times 08/24/2011
Wall Street Journal study of the performance of credit ratings firms for sovereign defaults since 1975
08/12/2011
A review of the performance of the sovereign ratings units of S&P, Moody's Investors Service and Fitch Ratings, shows the ratings firms did poorly in predicting defaults in the 12 months preceding the actual default. The ratings take into account static indicators such as current account balances but pay less attention to political changes and bank deposit flows. Investment managers turn to changes in bond yields for government debt as a better indicator of default conditions.
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
What Crisis? Big Ratings Firms Stronger Than Ever
Wall Street Journal 03/10/2016
Raters Fail to See Defaults Coming
Wall Street Journal 08/12/2011
New S&P Chief Knows Crisis and Change
New York Times 08/24/2011
At S&P, a Crusader for Tough Ratings
Wall Street Journal 10/05/2011
Credit rating agencies and the Dodd-Frank financial overhaul law
11/16/2010
Grouped Articles
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
The Stone Unturned: Credit Ratings
New York Times 03/22/2014
S. & P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor
New York Times 02/05/2013
How the Next Financial Crisis Will Happen
Wall Street Journal 06/10/2015
How Regulators Mess With Bankers’ Minds, and Why That’s Good
New York Times 04/14/2016
Why Credit Raters Keep Their Power
Wall Street Journal 11/16/2010
Credit Ratings firms and the U.S. and Eurozone financial crisis of 2010-2012
12/08/2009
Criticism of credit ratings firms. European commissioner Barnier calls for banning credit raings on countries receiving financial aid after Moody's strongly downgraded Protugal's debt ratingin July 2011. The problems of credit ratings being very pro-cyclical and the need to reduce the role of ratings in the market and regulatory framework in Europe.
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ECB Chief Seeks Tighter Fiscal Union
Wall Street Journal 06/22/2010
What Crisis? Big Ratings Firms Stronger Than Ever
Wall Street Journal 03/10/2016
Ratings Gag Is No Joking Matter
Wall Street Journal 07/12/2011
Debt Raters Avoid Overhaul After Crisis
New York Times 12/08/2009
Wall Street Journal 07/23/2011
S&P downgrades U.S. credit rating for first time - The Washington Post
Washington Post 08/06/2011
Failure to implement the Dodd-Frank provision that removes a government requirement of credit ratings on securities
01/02/2009
The foot dragging that has held up this change comes from the Treasury's Office of the Comptroller of the Currency. Treasury Secretary Geithner said in a recent op-ed piece in the Wall Street Journal that he would ask the President to veto any changes to the Dood-Frank legislation. The S.E.C. and other regulators have not made the changes as required by the reform law. A Wall Street Journal editorial on July 23, 2011, points to the failure to make this change by regulatory agencies.
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Five Years On, Confidence Still Lacking in Conflicted Ratings System
Wall Street Journal 09/11/2013
The Stone Unturned: Credit Ratings
New York Times 03/22/2014
Regulators Struggle With Conflicts in Credit Ratings and Audits
New York Times 08/21/2014
S.&P. Settlement Leaves Future Unclear for Ratings
New York Times 02/03/2015
History of the credit ratings industry structure and how a few firms dominate
08/10/2011
Grouped Articles
What Crisis? Big Ratings Firms Stronger Than Ever
Wall Street Journal 03/10/2016
Call to Downsize Giants of Ratings
Wall Street Journal 08/10/2011
Raters Fail to See Defaults Coming
Wall Street Journal 08/12/2011
At S&P, a Crusader for Tough Ratings
Wall Street Journal 10/05/2011
The S.E.C. and the Credit Ratings Agencies in the U.S. - 2010-2014
12/08/2009
The failure of the Securities and Exchange Commission to keep the intent of the Dodd-Frank law, and hold credit ratings agencies accountable for ratings they issue. This opens the door to the kinds of problems that caused the financial crisis of 2008.
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
S&P's Account of An Irate Treasury Secretary
New York Times 01/21/2014
The Stone Unturned: Credit Ratings
New York Times 03/22/2014
S. & P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor
New York Times 02/05/2013
Regulators Struggle With Conflicts in Credit Ratings and Audits
New York Times 08/21/2014
Credit rating agencies and the eurozone debt crisis
07/01/2011
Grouped Articles
The Stone Unturned: Credit Ratings
New York Times 03/22/2014
S. & P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor
New York Times 02/05/2013
Wall Street Journal 07/01/2011
S&P downgrades U.S. credit rating for first time - The Washington Post
Washington Post 08/06/2011
Economist 08/13/2011
At S&P, a Crusader for Tough Ratings
Wall Street Journal 10/05/2011
S&P
08/12/2011
Grouped Articles
Raters Fail to See Defaults Coming
Wall Street Journal 08/12/2011
New S&P Chief Knows Crisis and Change
New York Times 08/24/2011
At S&P, a Crusader for Tough Ratings
Wall Street Journal 10/05/2011
Wall Street Journal 12/09/2011
Wall Street Journal 02/05/2013
S. & P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor
New York Times 02/05/2013
S&P management
07/22/2011
Grouped Articles
McGraw Hill Financial Results Top Views on Rating Service Strength
Wall Street Journal 07/30/2014
Making the Call on U.S. Credit Rating
Wall Street Journal 07/22/2011
New S&P Chief Knows Crisis and Change
New York Times 08/24/2011
Wall Street Journal 08/24/2011
At S&P, a Crusader for Tough Ratings
Wall Street Journal 10/05/2011
Wall Street Journal 12/09/2011
The recovery in credit markets, with credit markets returning to normal in June 2009.
01/17/2009
Distressed debt had reache a 19 percentage point premium over comparable Treasurys in December 2008 at the height of the credit crisis. On June 5, 2009, this premium had dropped slightly below the benchmark of 10%, according to S&P data. Banks were able to raise capital in these markets, and some were considering returning TARP money to the government.
Grouped Articles
Cost of Bailouts Continues to Decline
Wall Street Journal 05/10/2013
Plan to Help Banks Clear Their Books Is Halted
New York Times 06/04/2009
Wall Street Journal 05/01/2009
S&P Report Sees Less 'Distress' As Spreads Dip Below Benchmark
Wall Street Journal 06/08/2009
Wall Street Journal 07/27/2009
Recession Spells End for Many Family Businesses
Wall Street Journal 10/06/2009
S&P's efforts to reestablish the credibility of its ratings system in 2011-2013
04/14/2011
Grouped Articles
SEC Tells S&P It Could Face Enforcement Action
Wall Street Journal 07/24/2014
Regulators Struggle With Conflicts in Credit Ratings and Audits
New York Times 08/21/2014
S&P Nears Settlement on Real-Estate Bond Ratings
Wall Street Journal 12/26/2014
S.&P. Settlement Leaves Future Unclear for Ratings
New York Times 02/03/2015
At S&P, a Crusader for Tough Ratings
Wall Street Journal 10/05/2011
Why Wall Street Can't Handle the Truth
Wall Street Journal 11/05/2011
Credit Ratings becoming optional.
10/30/2009
Grouped Articles
What Crisis? Big Ratings Firms Stronger Than Ever
Wall Street Journal 03/10/2016
Credit Ratings Now Optional, Firms Find
Wall Street Journal 10/30/2009
Panel Gives Wins to Savers, Raters
Wall Street Journal 06/16/2010
Ratings Agencies Keep Their Influence
New York Times 02/01/2011
Debt Raters Avoid Overhaul After Crisis
New York Times 12/08/2009
Wall Street Journal 07/23/2011
David Beers, John Chambers and the Committee that made the U.S. credit rating downgrade to AA+
08/08/2011
Grouped Articles
S&P's Account of An Irate Treasury Secretary
New York Times 01/21/2014
Behind S.&P.âs Downgrade, a Committee That Acts in Private
New York Times 08/08/2011
The system works - The Washington Post
Washington Post 08/12/2011
Taking the Buzz Out of the Beer
Wall Street Journal 08/30/2011
At S&P, a Crusader for Tough Ratings
Wall Street Journal 10/05/2011
Failure to reform the credit ratings system in the aftermath of the massive 2008 crisis.
12/08/2009
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
Five Years On, Confidence Still Lacking in Conflicted Ratings System
Wall Street Journal 09/11/2013
S&P to Pay $1.5 Billion to Resolve Crisis-Era Litigation
Wall Street Journal 02/04/2015
S.&P. Settlement Leaves Future Unclear for Ratings
New York Times 02/03/2015
Debt Raters Avoid Overhaul After Crisis
New York Times 12/08/2009
A Crisis Is a Terrible Thing to Waste
BusinessWeek 12/17/2009
The lack of meaningful reform of credit rating agencies.
10/01/2009
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
The Stone Unturned: Credit Ratings
New York Times 03/22/2014
S. & P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor
New York Times 02/05/2013
S.&P. Settlement Leaves Future Unclear for Ratings
New York Times 02/03/2015
Wall Street Journal 10/01/2009
U.S. credit ratings agencies and legal settlements
12/08/2009
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
S&P's Account of An Irate Treasury Secretary
New York Times 01/21/2014
The Stone Unturned: Credit Ratings
New York Times 03/22/2014
S. & P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor
New York Times 02/05/2013
Regulators Struggle With Conflicts in Credit Ratings and Audits
New York Times 08/21/2014
S&P to Pay $1.5 Billion to Resolve Crisis-Era Litigation
Wall Street Journal 02/04/2015
2008 subprime mortgage securities financial crisis
08/05/2007
Financial crisis from the widespread distribution of securities created from pools of subprime mortgages in the portfolios of finacil institutions around the globe. How credit rating agencies helped create the crisis by giving A ratings to these securities which were then widely distributed as credit worthy.
Grouped Articles
BusinessWeek 04/01/2010
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Recipes for Ruin, in the Gulf or on Wall Street
New York Times 06/11/2010
S. & P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor
New York Times 02/05/2013
S&P to Pay $1.5 Billion to Resolve Crisis-Era Litigation
Wall Street Journal 02/04/2015
Wall Street Journal 02/27/2008
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