U.S. government has started investigation on the ratings provided by S&P leading to the downgrade of the mortgage loans which lead to the financial crisis. It was stated that the investigation began before the U.S. credit rating was decreased from AAA to AA+. Such information was reported by New York Times Magazine. Several government officials have already made statements concerning their doubts regarding credibility of the S&P analysts, claiming to have found errors in the calculations of the agency.

U.S. Justice Department has already conducted interviews with several current and former employees of the agency, regarding the clarity of the decisions made earlier concerning credit ratings. In case government finds any evidence to support the case, company’s reputation, claiming to be independent from any business interests. It is not clear whether investigation concerns only S&P or Moody’s and Fitch agencies as well.

It also appears that Securities and Exchange Commission is also involved in the investigation. Ed Sweeney, a spokesman for S&P, said in an email to the Times: "S&P has received several requests from different government agencies over the last few years. We continue to cooperate with these requests. We do not prevent such agencies from speaking with current or former employees."

Representatives of Justice Department as well as the SEC refused to comment on the investigation case.

UAIndex