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☆ SEC fines six major credit rating agencies over failure to keep electronic records
▼ + stars: | 2024-09-03 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —The US Securities and Exchange Commission fined six major credit rating organizations a total of $49 million for their “significant failures” to keep electronic communications. Moody’s Investor Services and S&P Global Ratings agreed to pay the heftiest fines, a $20 million civil penalty each. Fitch Ratings agreed to pay $8 million, A.M. Best Rating Services agreed to pay $1 million, HR Ratings de México, S.A. de C.V. $250,000, and Demotech agreed to pay $100,000, respectively. That included an associate managing director making off-channel comments about credit rating clients. “Moody’s is fully committed to upholding our regulatory record-keeping obligations, and we are pleased to put this matter behind us,” a Moody’s spokesperson said in a statement.

Persons: Demotech, ”, Sanjay Wadhwa, A.M, Demotech “, Fitch, México, “ Organizations: New, New York CNN, US Securities and Exchange, Moody’s Investor Services, Fitch, S.A, SEC, Services, P Global, CNN Locations: New York, SEC’s

☆ Israel’s credit rating cut as conflicts drag on
▼ + stars: | 2024-08-12 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

CNN —Israel’s credit rating was downgraded by Fitch Ratings on Monday, after the agency cited concerns around the ongoing war with Hamas and geopolitical risks. Analysts from Fitch said the “the conflict in Gaza could last well into 2025,” and there are risks of the conflict spreading. The agency predicts Israel’s budget deficit to reach 7.8% of its GDP in 2024, compared to 4.1% in 2023. Fitch also expects Israel’s debt-to-GDP to remain above 70% into 2025, whereas the median A rating ratio is 55%. Moody’s Investor Service downgraded Israel’s credit rating from A1 to A2 in February.

Persons: Fitch, ” Fitch, Fitch, Moody’s, ”, Samantha Delouya Organizations: CNN, Fitch, Lebanese, Moody’s Investor, Hamas Locations: Gaza, ”, Israel

DETROIT (AP) — General Motors and Jeep maker Stellantis are meeting with United Auto Workers bargainers Thursday to see if they can reach a contract agreement that mirrors a deal signed with crosstown rival Ford. Nearly 17,000 striking workers at Ford left the picket lines when the agreement was announced Wednesday night and will return to work shortly. About 57,000 Ford workers still have to vote on the tentative pact. It wasn't clear what Ford agreed to in terms of battery factories. Ford had announced plans to build two battery factories in Kentucky, one in Tennessee and another in Michigan, but the Michigan plant is now on hold.

Persons: Shawn Fain, Wheaton, “ Fain, ” Wheaton, it's, Ford, haven’t Organizations: DETROIT, —, Motors, United Auto Workers, Ford, GM, Cornell University, Chevrolet, UAW, Workers, Toyota, Moody’s Investor Service Locations: Fort Wayne , Indiana, Flint , Michigan, Arlington , Texas, Kentucky, Tennessee, Michigan

☆ Codelco says reassessing mine costs, will maintain capex
▼ + stars: | 2023-10-06 | by ( Pratima Desai | Julian Luk | ) www.reuters.com time to read: +2 min

LONDON (Reuters) - Chile’s Codelco, the world’s largest copper producer, is reassessing the cost structure at its mine projects, its chairman said on Friday, given recent overruns. FILE PHOTO: The logo of Codelco, the world's largest copper producer, is seen at their headquarters in downtown Santiago, Chile March 29, 2018. The company, which has some of the highest input costs for miners in Chile, said in July direct production costs during the first six months of the year jumped 41.3% to hit about $2.12 per pound, from $1.506 the year before. In response, Codelco said it had a solid financial position and broad access to financial markets. The South American country has the world’s largest lithium reserves.

Persons: Codelco, Ivan Alvarado, Maximo Pacheco, Pacheco, ” Pacheco, Alejandro Rivera, Rivera’s, Rodrigues, Blaine J, Maximo Pacheco’s Organizations: REUTERS, Reuters, London Metal Exchange, for Copper, Mining Studies, Moody’s Investor Services Locations: Santiago, Chile, London, China

☆ This is the calamity Washington is trying to avoid with a debt ceiling deal
▼ + stars: | 2023-05-28 | by ( Samantha Delouya | ) edition.cnn.com time to read: +5 min

New York CNN —At long last, the White House and House Republicans have reached a tentative agreement to raise the debt ceiling. Every day that passes without a bill to raise the debt ceiling, the probability of the United States reaching the critical date that it can no longer meet its financial obligations steadily grows. Absent a bill passed by Congress and signed by Biden, Treasury will likely do everything in its power to avoid a debt default. In contrast to debt payments, government payments like Social Security or federal worker salaries aren’t considered debt instruments, so they are less likely to come into play when the agencies rate the United States’ debt. Though prioritizing debt payments might stave off an even-greater economic collapse, the United States may not emerge unscathed.

☆ It’s Not Just the Debt Ceiling
▼ + stars: | 2023-05-26 | by ( Jeff Sommer | ) www.nytimes.com time to read: +3 min

These include:The potential for economic drag from the more restrictive fiscal policy that House Republicans are demanding from President Biden as a prerequisite for an increase in the debt ceiling. Oddly, the debt ceiling crisis provided temporary relief for many of the nation’s banks, economists for Moody’s Investor Service found in a recent study. “The debt ceiling impasse has been a tailwind for the banks,” Jill Cetina, associate managing director for Moody’s, said in an interview. But once the debt ceiling is lifted and the Treasury begins to raise money by selling large quantities of bonds, those purchases by investors in the open market will drain money from banks. “This may not be what you would expect, but the resolution of the debt ceiling crisis will be a headwind for banks,” she said.

☆ Moody’s lowers UK’s outlook to negative
▼ + stars: | 2022-10-21 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

The affirmation of the Aa3 rating is a reflection of the UK’s economic resilience, Moody’s said in a statement. Credit ratings are essentially credit scores for governments and companies. Germany, Canada, Switzerland, Australia and the United States have some of the best credit ratings in the world, while Argentina, Nigeria, Pakistan and India have some of the lowest ratings. Soaring food costs drove the annual rate of inflation to 10.1% in September, returning it to July’s 40-year high. As well as driving up borrowing costs for the government and adding pressure to public spending, any credit ratings downgrade would only weaken investor appetite for UK assets.

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