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Moody's Disciplines Employees Over European Ratings
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Moody's Investors Service, a credit rating agency, said Tuesday it disciplined employees for considering improper factors when assigning ratings to complicated European debt products known as constant-proportion debt obligations.
Members of Moody's European CPDO monitoring committee considered factors including the potential wider impact of a downgrade, the company said. The findings are based on an investigation conducted by law firm Sullivan & Cromwell.
"I am deeply disappointed by the conduct that occurred in this incident," said Moody's Chairman and Chief Executive Officer Raymond McDaniel.
The Financial Times reported in May that a computer coding error had led Moody's, a unit of Moody's Corp, to incorrectly assign top ratings to CPDOs.
Copyright 2008 Reuters. Click for restrictions.
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