“Standard & Poor’s Ratings Services has long declared that its letter-grade ratings are independent and objective, part of a bid to allay concerns over its business model.
“Standard & Poor’s, like all major credit-rating firms, is paid by issuers to rate the securities that they sell.
“Regulators, lawmakers and investors have said the payment system presents a potential conflict of interest that could provide an incentive for Standard & Poor’s and its rivals to cater to bankers and other issuer clients.”
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