Analysts from the three largest debt- grading firms took jobs at companies they ranked, according to data released by the U.S. Securities and Exchange Commission.
Companies hired 82 credit-rating analysts from Moody’s Investors Service and 23 from Standard & Poor’s since 2010, according to a list on the SEC website. Twenty-four analysts were hired from Fitch Ratings in the past five years, the list shows. The agency was ordered to collect the information by the Dodd-Frank Act.
“We have had a longstanding policy that predates the Dodd- Frank Act to review the work of analysts when they leave to work for an issuer or arranger,” Ed Sweeney, a spokesman for McGraw- Hill Cos.’s New York-based S&P unit, said in an e-mail.
Michael Adler, a spokesman for New York-based Moody’s, and Daniel Noonan of Fitch declined to comment. The Wall Street Journal reported on the data earlier today.
To contact the reporter on this story: Zeke Faux in New York at firstname.lastname@example.org.