S&P Global Ratings
In February 2013 the Justice Department sued S&P over its ratings of mortgage securities and CDOs before the 2008 crisisS5. S&P later said the suit was retaliation for its 2011 downgrade of the United StatesS6. A federal court refused to dismiss the case in July 2013S7. On 3 February 2015 S&P agreed to pay US$1.375 billion to the department, 19 states and the District of Columbia, and accepted an agreed statement of factsS1. The company said the settlement contained no findings of violations of lawS2S8. On 3 September 2024 S&P Global Ratings agreed to a US$20 million SEC penalty over recordkeeping and admitted the facts in the orderS3S4.
- Also known as
- Standard & Poor's Ratings Services, Standard & Poor's, S&P Ratings, SPGR
- Headquarters
- United States
- Records from
- United States
Scope. This record covers the rating agency division of S&P Global and its former parent McGraw Hill Financial. It does not cover the S&P 500 index business, other S&P Global units or the 2011 US sovereign downgrade as a ratings question.
Claims assessed
4 claims. Scores grade the evidence for each claim, not the organization.- Partly supported83A senior Justice Department official said in February 2015 that S&P had admitted facts that make clear its own unlawful role in the financial crisis.Regulator statement, 3 February 20154 records citedFraud
- Outdated82Lawyers for S&P argued in 2013 that the Justice Department suit was retaliation for the August 2011 downgrade of the United States credit rating.Press report, 4 September 20132 records citedCorporate status
- Unresolved63S&P said in February 2013 that the Justice Department suit was without factual or legal merit, and it had argued in investor cases that its ratings were opinions protected as free speech.Company statement, 6 February 20133 records citedFraud
- Supported93The SEC said in September 2024 that S&P Global Ratings agreed to pay a US$20 million penalty for failures to keep electronic communications and admitted the facts in its order.Regulator statement, 3 September 20242 records citedDisclosure
Cases and proceedings
- United States v. McGraw-Hill Companies, Inc. and Standard & Poor's Financial Services LLCUS District Court for the Central District of California. Civil. Not published.Stage: Settled on 3 February 2015 together with claims by 19 states and the District of Columbia.
- In the Matter of S&P Global RatingsUS Securities and Exchange Commission. Regulatory. Not published.Stage: Settled order with admissions.
- US$20 million civil penalty for recordkeeping failuresS3
Responses on record
- McGraw Hill Financial and S&P Ratings, 3 February 2015, on A senior Justice Department official said in February 2015 that S&P had admitted facts tha...
The company said the settlement contained no findings of violations of law by it or its ratings units.S2
- S&P Global Ratings, 3 September 2024, on The SEC said in September 2024 that S&P Global Ratings agreed to pay a US$20 million penal...
S&P Global Ratings said it was pleased to have concluded this matter and noted the SEC recognised its cooperation.S4
Revision history
- Profile and 4 assessments first published. Records checked to 25 October 2026.
Source records
- S7Tier C Judge denies Standard & Poor's bid to dismiss $5 billion civil suitDaily Journal. Press report. 19 July 2013.Report by Henry Meier on the denial of the motion to dismiss late on Tuesday 16 July 2013. The reasoning is behind a paywall and the order itself was not read.
- S1Tier A Justice Department and State Partners Secure $1.375 Billion Settlement with S&P for Defrauding Investors in the Lead Up to the Financial CrisisUS Department of Justice. Government press release. 3 February 2015.Supports the amount, the split, the agreed facts and the retraction of the retaliation claim. It does not state that S&P admitted a violation of law.Link working, checked 25 October 2026
- S3Tier A SEC Charges Six Credit Rating Agencies with Significant Recordkeeping FailuresUS Securities and Exchange Commission. Regulator press release. 3 September 2024.Supports the US$20 million penalty and the admission of facts. It does not address the quality of any rating.
- S2Tier B McGraw Hill Financial And S&P Ratings Reach Settlements With DOJ, Attorneys General Of 19 States And District Of Columbia And With CalPERSMcGraw Hill Financial. Company statement. 3 February 2015.Company statement giving the payments, including US$125 million to CalPERS, and saying there were no findings of violations of law. It is the company's own account.Link working, checked 25 October 2026
- S4Tier B S&P Global Ratings Reaches Settlement With SECS&P Global Ratings. Company statement. 3 September 2024.Company confirmation of the SEC settlement and its description of itself as a division of S&P Global. It is the company's own account.Link working, checked 25 October 2026
- S5Tier C US launches civil action against S&P over pre-crisis ratingsReuters, republished by Daily FT. Press report. 6 February 2013.Reuters wire copy with no individual byline. Supports S&P's denial and its past free speech argument as paraphrased by Reuters.Link working, checked 25 October 2026
- S6Tier C S&P says US government’s lawsuit is ‘retaliation’Associated Press, republished by Arab News. Press report. 4 September 2013.AP report that S&P called the suit retaliation for the 2011 downgrade of the United States. It records the argument, not any ruling on it.Link working, checked 25 October 2026
- S8Tier C S&P Pays Nearly $1.38B To Settle Mortgage Crisis ClaimsNPR. Press report. 3 February 2015.Repeats the company's no findings wording and says the settlements are not subject to court approval. No byline or date is shown and the date comes from the URL.Link working, checked 25 October 2026