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Standard & Poor's strongly takes issue with "Banks Find S.&P. More Favorable in Bond Ratings" (front page, Aug. 1), which suggests that it has lowered its standards to attract business. On the contrary, in September 2012 S.&P. actually increased the amount of credit support required for an issuer to achieve a triple-A rating on commercial mortgage-backed securities.
Since S.&P. implemented its new methodology, there are no bonds to which it has assigned a triple-A rating and another agency assigned a lower rating to the same bond. In fact, based on the dollar value of the transactions cited by The Times, 97 percent of the commercial mortgage-backed securities that S.&P. has rated since changing its methodology were rated the same as or lower than other rating agencies.
As more aggressive transactions have recently come to market, issuers have chosen not to meet S.&P.'s stringent criteria, and S.&P.'s market share has fallen by more than half from the first quarter to the second quarter of 2013. In addition, by calculating the differences among rating agencies based on the total number of transactions rather than bonds rated, The Times overstates the differences.
S.&P. has made many changes since the financial crisis in order to strengthen its independence from issuers, monitor global credit risks and improve its methodologies. Based on what S.&P. learned, it changed the way it rates almost every type of security that was affected by the financial crisis, making it more difficult for securities to achieve high ratings.
In addition, the Credit Rating Agency Reform Act and the Dodd-Frank Act of 2010 have further strengthened accountability, transparency and oversight for credit rating agencies.
PAUL COUGHLIN
Executive Managing Director
Global Analytics and Operations
Standard & Poor's
New York, Aug. 1, 2013
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