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Standard & Poor Ratings agency trial in Australia

Sydney : Australia | Oct 04, 2011 at 1:27 AM PDT
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The US Justice Department is investigating the top ratings agency Standard & Poor's

The federal court in Sydney in Australia starts on Tuesday the trial of the credit rating agency Standard & Poor's to whom he accuses of losing millions of dollars to several municipalities in the country.

A total of 13 municipalities in the state of New South Wales state that the British department of the agency in 2006 prompted them to buy bonds with the highest AAA rating.

But two years later the investment is devalued by 90%, causing losses of U.S. $ 14 million.

The complainants are demanding the company return loss by the rating and the entity that issued the securities.

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Ratings agency Fitch on Tuesday downgraded its outlook on China's local currency debt rating from "stable" to "negative"
Ratings agency Fitch on Tuesday downgraded its outlook on China's local currency debt rating from "stable" to "negative"
karasiwo is based in Karāchi, Sind, Pakistan, and is a Reporter for Allvoices.
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Post a Comment Comments: 3
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Posted By mus1423 mus1423 | 8 months ago
very well written.....!!!!!!rated up
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Posted By kingston23 kingston23 | 8 months ago
rating company will face trial in an Australian court in the first case of its kind
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Posted By saleh1966 saleh1966 | 8 months ago
Thanks for sharing news...Rated up
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