S&P lawyer says agency's ratings identical to others -CNBC
NEW YORK Feb 5 (Reuters) - Floyd Abrams, the lawyer defending rating agency Standard & Poor's against a lawsuit from the U.S. government, said on Tuesday that the company's ratings were "identical" to those of other rating agencies.
"The predictions about the future were identical to other rating agencies," Abrams told CNBC regarding the agency's ratings on U.S. collateralized debt obligations, which are the focus of the Justice Department's lawsuit against the agency and its parent, The McGraw-Hill Companies Inc.
Abrams said he did not know if the lawsuit was political payback for the rating agency's downgrade of the U.S. credit rating in August 2011, but that scrutiny intensified after the downgrade.
"I don't think anyone knows," Abrams said, but added that the "intensity of this investigation significantly increased" after the credit downgrade.
- Tesla prevails in top Massachusetts court over direct sales
- Obama to deploy 3,000 troops as Ebola crisis worsens
- Russia needs government investment to avoid recession, says former finance minister
- World stocks hit one-month low, caution ahead of Fed
- Ahead of independence vote, Britain pledges state funding to Scotland |