FIMALAC, a French firm, owns Fitch's, the third rating agency, as a 50% joint venture with privately held Hearst Corp. French markets are currently closed, but interestingly, FIMALAC only shed $1.7 M in market cap yesterday. It would appear that market participants are discounting the threat of legal action against Fitch.According to the Wall Street Journal, there is not any publicly available information which indicates why the DOJ is focusing on S&P or to what extent the investigation will spread. In fact, in a statement made by S&P, this fact appears to be central to their defense. They claim that they were using the same data available to the rest of the market, and reached the same conclusions as their competitors.
United States Vs. McGraw Hill: The Case For Efficient Markets
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