An Australian judge has ruled that S&P (MHP) was "misleading and deceptive" in assigning AAA...

|By:, SA News Editor

An Australian judge has ruled that S&P (MHP) was "misleading and deceptive" in assigning AAA ratings to two ABN Amro (RBS) structured debt issues in 2006, which plummeted in value during the financial crisis and caused losses of over 90% to 12 municipal investors that brought a lawsuit against the firm. The ruling represents the first time a ratings agency has been held liable for its opinion in this way.