Ratings Agencies Under Review in California
S&P, Moody;s and Fitch Ratings are being examined for their role in the financial downturn.
SAN FRANCISCO (
) -- California is calling out rating agencies for their involvement in the credit crisis.
The state's Attorney General issued subpoenas to
Standard & Poor's
,
Moody's Investors Services
and
Fitch Ratings
, to determine whether they violated any state law in "recklessly giving stellar ratings to shaky assets.
The move comes after the California Public Employees' Retirement System sued the agencies, blaming them for more than $1 billion in investment losses.
-- Reported by Jeanine Poggi in New York
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