Wed, Sep. 10, 5:16 AM
- Standard & Poor's (NYSE:MHFI) and Markit (NASDAQ:MRKT) have been narrowed down as the final bidders for Barclays' (NYSE:BCS) index business, which could go for more than $1B. Sources tell Reuters that a winner can be announced within weeks.
- Barclays launched the auction of its Index, Portfolio and Risk Solutions business this summer, which contains a basket of more than 98 major indexes, including the well-known U.S. Aggregate Bond Index.
- Previously: Bloomberg, Markit eyeing Barclays' fixed-income index unit
Mon, Sep. 8, 11:53 AM
- McGraw Hill Construction doesn't fit in with the global reach of the rest of the portfolio (S&P, Platts, J.D. Power), says CEO Doug Peterson, presenting at the Barclays Financial Services conference, so MHFI continues to evaluate strategic alternatives for the business.
- Presentation slides
- He reiterates free cash flow guidance of about $1B this year, and the company has a goal for about the same in 2015 and 2016 as well.
- Adjusted full-year EPS guidance was lifted by a nickel two months ago to $3.80-$3.90.
Tue, Aug. 26, 4:48 AM
- The DOJ says that new documents submitted over its $5B lawsuit with Standard & Poor's (NYSE:MHFI) will show that its lawsuit was not filed in retaliation for S&P's downgrade of the country's debt.
- S&P requested the documents following the DOJ's lawsuit filed in February 2013, which accused the ratings agency of issuing inflated ratings and failing to downgrade MBSs before the 2008 financial crisis.
Thu, Jul. 31, 1:10 PM
Tue, Jul. 29, 7:13 AM| Comment!
Mon, Jul. 28, 5:30 PM
- ACI, AET, AGCO, AIXG, AKS, ALLY, AMAG, AMG, ARW, AUDC, AVX, AXE, BP, CARB, CAS, CNX, CPLA, CRS, CVLT, CYNO, DIN, DSX, ECL, ENTG, ETN, ETR, FDP, FIS, FSS, GLT, GLW, GNC, GTI, HCA, HMC, HRS, HW, ICON, IP, IPGP, ITW, KLIC, LVLT, MDC, MDSO, MDXG, MHFI, MLM, MMC, MRK, MSO, NCI, NEE, NLSN, NMM, NOV, NYT, OSK, PCAR, PFE, POR, RAI, RYN, SAVE, SIRI, SNCR, ST, TLM, TRW, UAM, UBS, UBSI, UDR, UPS, UTHR, VSH, WDR, WM, WYNN, XYL, YNDX
Wed, Jul. 23, 5:16 PM
- McGraw Hill Financial (NYSE:MHFI) discloses receipt of a Wells Notice from the SEC, meaning Commission staff is leaning towards recommending a some sort of enforcement action against S&P over alleged securities violations in conjunction with ratings on six CMBS deals in 2011.
- Source: Press Release
- Shares -1.5% AH
Wed, Jul. 16, 1:58 AM
- Standard & Poor's (NYSE:MHFI) is willing to reopen talks regarding its pending lawsuit with the Department of Justice over the inflated ratings it gave to shoddy mortgage bonds prior to the financial crisis, WSJ reports.
- Those securities cost investors billions when they later soured. Previously, S&P tried to ignore the negotiation process, until the DOJ filed a lawsuit in February 2013. The ratings agency is now looking to settle for up to $1B.
- Ratings agencies have remained largely unscathed by the litigation ensuing after the financial crisis. Most firms have argued that their ratings are independent opinions and statements of fact.
Wed, Jul. 9, 7:53 AM| Comment!
Sun, May. 25, 5:54 AM
- McGraw Hill (MHFI) unit S&P and Moody's (MCO) must face a lawsuit from Calpers over ratings they gave on investments that led to losses of $800M.
- An appeals court affirmed a lower-court ruling from 2012 to reject the firms' request to dismiss the case.
- Calpers sued the agencies in 2009 after the collapse of three investment vehicles that were supported by sub-prime mortgages. The pension system had invested $1.3B.
- S&P is the subject of similar lawsuits from the Justice Department and individual states, including California.
Thu, May. 22, 1:02 PM
- S&P Dow Jones Indices (MHFI +0.4%) expects to unveil smart beta bond indexes in Q4, while BlackRock (BLK +0.3%) doesn't yet have a timetable, but is experimenting with different ways of weighting components of the Barclays Aggregate Bond Index (AGG -0.1%) to make ETFs based on the new indexes, according to the company's Daniel Gamba.
- Those issuers with the most debt dominate traditional bond indexes, but smart beta supposedly reduces risk by giving more weight to factors like corporate cash flow, or economic growth rates in the case of sovereign paper.
- ETF issuers like iShares hope smart beta funds will lure investors seeking alternatives at a time of worry about higher rates. Smart beta is also more profitable for issuers - Vanguard's Total Bond Market ETF costs $8 in fees for every $10K invested as opposed to a number of smart beta funds charing $50 for every $10K.
- ETFs: AGG, BOND, BND, SCHZ, LAG, SAGG, DI, GBF, LDUR, FWDB
Wed, Apr. 30, 3:34 PM
Tue, Apr. 29, 7:20 AM| Comment!
Mon, Apr. 28, 5:30 PM
- ABB, AGCO, AIXG, ALR, AMG, ARRY, AXE, BMY, BP, BSX, CARB, CCJ, CHKP, CIT, CMI, CNX, COH, CPLA, CRY, DBD, DDD, DORM, ESV, ETN, FDP, FLWS, FRX, GAS, GEO, GLT, GT, GTLS, HCA, HCBK, HRS, HUN, HW, IPGP, IRWD, KLIC, LG, LKQ, LRN, LYB, MGI, MGLN, MGM, MHFI, MLM, MRK, NMM, NOK, OSK, PCAR, PES, PH, POR, RESI, ROK, RTRX, RYN, S, SAVE, SCOR, SLAB, ST, TRW, UBSI, UDR, UTHR, VAC, VLO, WAT, WDR, WRLD, WWW, XYL.
Tue, Apr. 15, 5:49 PM
- A federal judge rejects a request by Standard & Poor's (MHFI) to split up the U.S. government's $5B lawsuit accusing it of lying about its credit ratings, but the judge gives S&P permission to obtain evidence the government may have sued in retaliation for the agency's decision to lower the U.S. credit rating in 2011.
- S&P has said former Treasury Secretary Geithner angrily told McGraw Hill Chairman Terry McGraw in an Aug. 8, 2011 phone call, three days after the downgrade, that he was "accountable" for the company's actions and that S&P's conduct would be "looked at very carefully."
Tue, Mar. 18, 7:55 AM
- Ahead of its inaugural Investor Day, McGraw Hill Financial (MHFI) announces it's exploring strategic alternatives for its construction data and analysis business, and has hired Evercore Partners to assist. The unit had about $170M in revenue last year.
- The company is also targeting at least $100M in cost savings over the next three years, with multiple initiatives underway to get to that goal.
- Press release
- Webcast begins at 1 ET
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