標普和解後穆迪成調查焦點

With S&P agreeing to pay $1.375bn to settle allegations that it boosted mortgage securities ratings, attention has switched to Moody’s.

在標普(S&P)同意支付13.75億美元了結對其提高抵押貸款證券評級的指控之後，人們對評級機構的注意力轉到了穆迪(Moody's)身上。

Attorneys-general in Connecticut and Mississippi said they are among the prosecutors stepping up their examination of the business. They were among the authorities that settled with Standard & Poor’s, the largest of the rating agencies, which agreed to pay the record sum to the Department of Justice, 19 US states and the District of Columbia.

多家檢查機構已開始加緊調查穆迪，康涅狄格州和密西西比州的總檢察長表示他們就是其中兩家。他們也是多家已與標普達成和解的檢查機構之一。標普是全球最大評級機構，已同意向美國司法部(DoJ)支付6.875億美元和解金、向美國19個州和哥倫比亞特區支付6.875億美元和解金。所有這些機構都起訴了標普。

Federal prosecutors recently interviewed Moody’s officials but it is unclear whether the long-running probe will result in a lawsuit, according to people familiar with the case.

知情人士表示，近來聯邦檢察官已約談過穆迪高管，但穆迪在曠日持久的調查之後是否會被起訴，目前尚不明朗。

The Financial Crisis Inquiry Commission, which issued a report on the many causes of the credit crisis, used Moody’s as a case study for the rating agencies’ role in attracting even conservative investors into mortgage-related securities. The Commission cited former Moody’s executives who argued the company became too focused on winning market share in ratings — a characterisation the company has always denied.

美國金融危機調查委員會(Financial Crisis Inquiry Commission)在分析評級機構如何吸引投資者、尤其是保守型投資者購買抵押貸款相關證券的做法時，對穆迪進行了案例分析。該委員會曾發佈一份有關信貸危機多種根源的報告，援引了穆迪前高管聲稱該公司過於關注贏得評級市場份額的話，但穆迪一直否認這是自己的行事風格。

With respect to the investigations from the state attorneys-general, Moody’s said: “We continue to believe that the cases are without merit.”

對於來自多個州的總檢察長的調查，穆迪表示：“我們仍然認爲，這些調查毫無意義。”

The agreement also meant vindication for the DoJ, which was accused of suing S&P in 2013 in retaliation for its downgrade of US government debt in 2011.

標普的解協議意味着美國司法部洗清了冤屈。曾有人指責司法部於2013年起訴標普，是爲了報復標普在2011年調降美國國債評級。