Standard & Poor's said it will establish an Ombudsman to whom issuers, investors, employees and other market participants can voice gripes about potential conflicts of interest at the rating agency, business integrity and compliance processes, S&P said. The Ombudsman will report to the president of S&P but will not be part of S&P management and his or her compensation will not be tied in any way to S&P/McGraw-Hill business results, the rating agency said. This announcement takes place among a series of actions the rating agency is taking to strengthen its rating process. These actions also include hiring an external firm to conduct independent reviews of S&P Ratings' compliance and governance processes, reducing the time that lead analysts are able to cover the same entities to five years, increase the level of employee training on compliance programs as well as increasing the amount of hours and course offerings in analyst certification training. The rating agency also said it will provide insight into non-default risks such as liquidity, volatility; valuation and recovery, better explain ratings comparability across asset classes and establish minimum portfolio disclosure criteria for structured securities servicers among other actions.
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Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24 -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24