Standard & Poor's will be suspended for a year from rating bonds in one of its most lucrative businesses in a $60 million settlement with the U.S. Securities and Exchange Commission, according to a person with knowledge of the matter.

The deal, which the person said may be announced as soon as tomorrow, is the agency's toughest action yet in an industry blamed for fueling the 2008 financial crisis by assigning inflated grades to risky mortgage debt. Instead of securities created during that period, though, the SEC's investigation has looked at whether S&P bent its criteria to win business on commercial-mortgage bonds issued in 2011.

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