McGraw-Hill, S&P Sued by U.S. Over Pre-Credit Crisis Ratings

McGraw-Hill, S&P Sued by U.S. Over Pre-Credit Crisis Ratings

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Ratings firms have faced criticism from U.S. lawmakers over how they granted top grades to securities that packaged home loans from the riskiest borrowers, leading to a credit seizure, starting in 2007, that sent the world’s largest economy into its longest recession since 1933 as defaults soared and home values plummeted.