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SEC considering action against S&P over ratings
S&P says regulators considering action against it over mortgage securities ratings in 2011
Associated Press
2014-07-24 06:22 AM

WASHINGTON (AP) -- Standard & Poor's says regulators have told the rating agency they are considering taking civil enforcement action against it over ratings it gave to six deals in 2011 involving securities tied to commercial mortgages.

S&P's parent McGraw Hill Financial Inc. disclosed Wednesday in a regulatory filing that it has received a so-called "Wells Notice" from staff of the Securities and Exchange Commission. The notice indicates the staff will recommend to the five-member commission that it pursue action against S&P for alleged violations of securities laws.

Under SEC procedure, S&P will be able to make its case to the agency on the issues raised by the notice.

New York-based McGraw Hill says S&P has been cooperating with the SEC in the matter and will continue to do so.

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