Standard & Poor's
Encyclopedia
Standard & Poor's is a United States-based financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...

 company. It is a division of The McGraw-Hill Companies
McGraw-Hill
The McGraw-Hill Companies, Inc., is a publicly traded corporation headquartered in Rockefeller Center in New York City. Its primary areas of business are financial, education, publishing, broadcasting, and business services...

 that publishes financial research and analysis on stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...

s and bonds
Bond (finance)
In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...

. It is well known for its stock-market indices
Stock market index
A stock market index is a method of measuring a section of the stock market. Many indices are cited by news or financial services firms and are used as benchmarks, to measure the performance of portfolios such as mutual funds....

, the US-based S&P 500
S&P 500
The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...

, the Australian S&P/ASX 200
S&P/ASX 200
The S&P/ASX 200 index is a market-capitalization weighted and float-adjusted stock market index of Australian stocks listed on the Australian Securities Exchange from Standard & Poor's...

, the Canadian S&P/TSX, the Italian S&P/MIB
S&P/MIB
The FTSE MIB is the benchmark stock market index for the Borsa Italiana, the Italian national stock exchange, which superseded the MIB-30 in September 2004. The index consists of the 40 most-traded stock classes on the exchange...

 and India's S&P CNX Nifty
S&P CNX Nifty
The Standard & Poor's CRISIL NSE Index 50 or S&P CNX Nifty nicknamed Nifty 50 or simply Nifty , is the leading index for large companies on the National Stock Exchange of India. The Nifty is a well diversified 50 stock index accounting for 23 sectors of the economy...

. The company is one of the Big Three
Big Three (credit rating agencies)
The Big Three credit rating agencies are Standard & Poor's , Moody's, and Fitch Group. S&P and Moody's are US-based, while Fitch is dual-headquartered in New York City and London, and is controlled by the France-based FIMALAC. The European Union has considered setting up a state-supported EU-based...

 credit-rating agencies
Credit rating agency
A Credit rating agency is a company that assigns credit ratings for issuers of certain types of debt obligations as well as the debt instruments themselves...

, which also include Moody's Investor Service
Moody's
Moody's Corporation is the holding company for Moody's Analytics and Moody's Investors Service, a credit rating agency which performs international financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized...

 and Fitch Ratings. Its head office is located on 55 Water Street
55 Water Street
55 Water Street is a 687ft tall skyscraper in Lower Manhattan, New York City. It was completed in 1972 and has 53 floors. Emery Roth & Sons designed the building, which is tied with 277 Park Avenue as the 40th tallest building in New York City. When it was completed it was the largest office...

 in Lower Manhattan
Lower Manhattan
Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York...

, New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...

.

History

The company traces its history back to 1860, with the publication by Henry Varnum Poor
Henry Varnum Poor
Henry Varnum Poor was a financial analyst and founder of H.V. and H.W. Poor Co, which later evolved into the financial research and analysis bellwether, Standard & Poor's....

 of History of Railroads and Canals in the United States. This book was an attempt to compile comprehensive information about the financial and operational state of U.S. railroad companies. Henry Varnum went on to establish H.V. and H.W. Poor Co. with his son, Henry William
Henry William Poor
Henry William Poor was an American banker, stockbroker, and author.Henry William Poor was born in Bangor, Maine, in 1844, the son of Henry Varnum Poor. The family moved to New York City when he was five years old, and he spent his youth there. He attended Harvard College, graduating in 1865.The...

, and published annually updated versions of this book.

In 1906, Luther Lee Blake founded the Standard Statistics Bureau, with the view to providing financial information on non-railroad companies. Instead of an annually published book, Standard Statistics would use 5" x 7" cards, allowing for more frequent updates.

In 1941, Poor and Standard Statistics merged to become Standard & Poor's Corp. In 1966, the company was acquired by The McGraw-Hill Companies
McGraw-Hill
The McGraw-Hill Companies, Inc., is a publicly traded corporation headquartered in Rockefeller Center in New York City. Its primary areas of business are financial, education, publishing, broadcasting, and business services...

, and now encompasses the Financial Services division.

Credit ratings

As a credit-rating agency (CRA), the company issues credit ratings for the debt of public and private corporations. It is one of several CRAs that have been designated a nationally recognized statistical rating organization
Nationally Recognized Statistical Rating Organization
A Nationally Recognized Statistical Rating Organization is a credit rating agency that issues credit ratings that the U.S. Securities and Exchange Commission permits other financial firms to use for certain regulatory purposes...

 by the U.S. Securities and Exchange Commission.

It issues both short-term and long-term credit rating
Credit rating
A credit rating evaluates the credit worthiness of an issuer of specific types of debt, specifically, debt issued by a business enterprise such as a corporation or a government. It is an evaluation made by a credit rating agency of the debt issuers likelihood of default. Credit ratings are...

s.

Long-term credit ratings

The company rates borrowers on a scale from AAA to D. Intermediate ratings are offered at each level between AA and CCC (e.g., BBB+, BBB and BBB-). For some borrowers, the company may also offer guidance (termed a "credit watch") as to whether it is likely to be upgraded (positive), downgraded (negative) or uncertain (neutral).

Investment Grade
  • AAA: An obligor rated 'AAA' has extremely strong capacity to meet its financial commitments. 'AAA' is the highest issuer credit rating assigned by Standard & Poor's.
  • AA: An obligor rated 'AA' has very strong capacity to meet its financial commitments. It differs from the highest-rated obligors only to a small degree. Includes:
    • AA+: equivalent to Moody's Aa1 (high quality, with very low credit risk, but susceptibility to long-term risks appears somewhat greater)
    • AA: equivalent to Aa2
    • AA-: equivalent to Aa3
  • A: An obligor rated 'A' has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories.
    • A+: equivalent to A1
    • A: equivalent to A2
  • BBB: An obligor rated 'BBB' has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.


Non-Investment Grade (also known as junk bonds)
  • BB: An obligor rated 'BB' is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions, which could lead to the obligor's inadequate capacity to meet its financial commitments.
  • B: An obligor rated 'B' is more vulnerable than the obligors rated 'BB', but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments.
  • CCC: An obligor rated 'CCC' is currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.
  • CC: An obligor rated 'CC' is currently highly vulnerable.
  • C: highly vulnerable, perhaps in bankruptcy or in arrears but still continuing to pay out on obligations
  • CI: past due on interest
  • R: An obligor rated 'R' is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favor one class of obligations over others or pay some obligations and not others.
  • SD: has selectively defaulted on some obligations
  • D: has defaulted on obligations and S&P believes that it will generally default on most or all obligations
  • NR: not rated

Short-term issue credit ratings

The company rates specific issues on a scale from A-1 to D. Within the A-1 category it can be designated with a plus sign (+). This indicates that the issuer's commitment to meet its obligation is very strong. Country risk
Country risk
Country risk refers to the risk of investing in a country, dependent on changes in the business environment that may adversely affect operating profits or the value of assets in a specific country...

 and currency of repayment of the obligor to meet the issue obligation are factored into the credit analysis and reflected in the issue rating.
  • A-1: obligor's capacity to meet its financial commitment on the obligation is strong
  • A-2: is susceptible to adverse economic conditions however the obligor's capacity to meet its financial commitment on the obligation is satisfactory
  • A-3: adverse economic conditions are likely to weaken the obligor's capacity to meet its financial commitment on the obligation
  • B: has significant speculative characteristics. The obligor currently has the capacity to meet its financial obligation but faces major ongoing uncertainties that could impact its financial commitment on the obligation
  • C: currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation
  • D: is in payment default. Obligation not made on due date and grace period may not have expired. The rating is also used upon the filing of a bankruptcy petition.

Stock market indices

It publishes a large number of stock market indices, covering every region of the world, market capitalization
Market capitalization
Market capitalization is a measurement of the value of the ownership interest that shareholders hold in a business enterprise. It is equal to the share price times the number of shares outstanding of a publicly traded company...

 level and type of investment (e.g., indices for REITs and preferred stock
Preferred stock
Preferred stock, also called preferred shares, preference shares, or simply preferreds, is a special equity security that has properties of both an equity and a debt instrument and is generally considered a hybrid instrument...

s)

These indices include:
  • S&P 500
    S&P 500
    The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...

     – free-float capitalization-weighted index of the prices of 500 large-capitalization common stocks actively traded in the US.
  • S&P 400 MidCap Index
    S&P 400
    The S&P 400 MidCap Index, more commonly known as the S&P 400, is a stock market index from Standard & Poor's.It covers roughly the mid-cap range of US stocks.-Investing:The following ETFs attempt to track this index and sub-indexes:*Index Fund: &...

  • S&P 600 SmallCap Index
    S&P 600
    The S&P 600 SmallCap Index, more commonly known as the S&P 600, is a stock market index from Standard & Poor's. It covers roughly the small-cap range of US stocks, using a capitalization-weighted index...


Governance scores (GAMMA)

A GAMMA score reflects S&P's opinion of the relative strength of a company's corporate-governance
Corporate governance
Corporate governance is a number of processes, customs, policies, laws, and institutions which have impact on the way a company is controlled...

 practices as an investor protection against potential governance-related losses of value or failure to create value. GAMMA is designed for equity investors in emerging markets and is focused on non-financial-risk assessment, and in particular, assessment of corporate- governance risk.

History of CGS and GAMMA scores

S&P has developed criteria and methodology for assessing corporate governance since 1998 and has been actively assessing companies' corporate-governance practices since 2000.

In 2007, the methodology of stand-alone governance analysis underwent a major overhaul to strengthen the risk focus of the analysis based on the group's experience assigning governance scores. GAMMA analysis focuses on a number of risks that vary in probability and expected impact on shareholder value. Accordingly, S&P's analysis seeks to determine the most vulnerable areas prompt to potential losses in value attributable to governance deficiencies. Recent developments in the international financial markets emphasize the relevance of enterprise risk management
Enterprise Risk Management
Enterprise risk management in business includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives...

 and the strategic process to governance quality. GAMMA methodology incorporates two new elements, addressing these areas of investor concern. It also promotes the culture of risk management and long-term strategic thinking among companies.

GAMMA methodology components

  1. Shareholder influence
  2. Shareholder rights
  3. Transparency, audit, and enterprise risk management
  4. Board effectiveness, strategic process and incentives

GAMMA scale

For the GAMMA score, the S&P uses a numeric scale from one to ten (with ten being the best possible score). At the S&P's discretion, a GAMMA score can be publicly disseminated or used privately.
  • GAMMA-10 and GAMMA-9 – in S&P's opinion, the corporate-governance processes and practices at the company provide a very strong protection against potential governance related losses in value. A company in these scoring categories has, in S&P's opinion, few weaknesses in any of the major areas of governance analysis.

  • GAMMA-8 and GAMMA-7 – in S&P's opinion, the corporate-governance processes and practices at the company provide strong protection against potential governance related losses in value. A company in these scoring categories has, in S&P's opinion, some weaknesses in certain of the major areas of governance analysis.

  • GAMMA-6 and GAMMA-5 – in S&P's opinion, the corporate-governance processes and practices at the company provide moderate protection against potential governance related losses in value. A company in these scoring categories has, in S&P's opinion, weaknesses in several of the major areas of governance analysis.

  • GAMMA-4 and GAMMA-3 – in S&P's opinion, the corporate-governance processes and practices provide weak protection against potential governance related losses in value. A company in these scoring categories has, in S&P's opinion, significant weaknesses in a number of the major areas of governance analysis.

  • GAMMA-2 and GAMMA-1 – in S&P's opinion, the corporate-governance processes and practices provide very weak protection against potential governance related losses in value. A company in these scoring categories has, in S&P's opinion, significant weaknesses in most of the major areas of analysis.

Downgrade of U.S. long-term credit rating

On August 5, 2011, following enactment of the Budget Control Act of 2011
Budget Control Act of 2011
The Budget Control Act of 2011 was passed by the 112th United States Congress signed into law by President Barack Obama. It brought conclusion to the 2011 United States debt ceiling crisis, which had threatened to lead the United States into sovereign default on or about August 3, 2011.The law...

, S&P lowered the US's sovereign long-term credit rating from AAA to AA+. The press release sent with the decision said, in part:
  • " The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.
  • " More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.
  • " Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon."


The United States Department of the Treasury
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...

, which had first called S&P's attention to its $2 trillion error in calculating the ten-year deficit reduction under the Budget Control Act, commented, "The magnitude of this mistake – and the haste with which S&P changed its principal rationale for action when presented with this error – raise fundamental questions about the credibility and integrity of S&P’s ratings action." The following day, S&P acknowledged in writing the USD$2 trillion error in its calculations, saying the error "had no impact on the rating decision" and adding:
In taking a longer term horizon of 10 years, the U.S. net general government debt level with the current assumptions would be $20.1 trillion (85% of 2021 GDP). With the original assumptions, the debt level was projected to be $22.1 trillion (93% of 2021 GDP).

Erroneous Downgrade of France's long-term credit rating & scandal

On Nov 11, 2011 S&P "mistakenly" announced the cut of France's triple-A rating(AAA). French leaders said that the error was unexcusable and called for even more regulation of these private Credit Rating Agencies (CRA's).

Publications

The company publishes The Outlook, a near-weekly (48 times a year) stock market
Stock market
A stock market or equity market is a public entity for the trading of company stock and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately.The size of the world stock market was estimated at about $36.6 trillion...

 analysis newsletter, which is issued both in print and online to subscribers.

Standard & Poor's Governance Services analysts issue a monthly GAMMA Newsletter containing comments and views on corporate governance
Corporate governance
Corporate governance is a number of processes, customs, policies, laws, and institutions which have impact on the way a company is controlled...

-related matters in emerging markets (BRIC and beyond).

Criticism

CRAs such as S&P have been subject to criticism in the wake of large losses beginning in 2007 in the collateralized debt obligation
Collateralized debt obligation
Collateralized debt obligations are a type of structured asset-backed security with multiple "tranches" that are issued by special purpose entities and collateralized by debt obligations including bonds and loans. Each tranche offers a varying degree of risk and return so as to meet investor demand...

 (CDO) market that occurred despite being assigned top ratings by the CRAs.

Credit ratings of AAA (the highest rating available) were given to large portions of even the riskiest pools of loans. Investors trusting the low-risk profile that AAA implies, purchased large amounts of CDOs that later became unsaleable. Those that could be sold often took staggering losses. For instance, losses on $340.7 million worth of CDOs issued by Credit Suisse Group added up to about $125 million, despite being rated AAA by S&P.

Companies pay S&P to rate their debt issues. As a result, some critics have contended that S&P is beholden to these issuers and that its ratings are not as objective as they ought to be and that, in fact, this "pay to play" model makes their ratings meaningless at best and perhaps would more accurately be compared to the role of the "shill" in a game of three card monte.

In April 2009, the company called for "new faces" in the Irish government, which was seen as interfering in the democratic process. In a subsequent statement they said they were "misunderstood".

Some critics have pointed out that the company and other rating agencies were part of the cause of the global financial crisis of 2008–2009, for example when Moody's
Moody's
Moody's Corporation is the holding company for Moody's Analytics and Moody's Investors Service, a credit rating agency which performs international financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized...

 downgraded Freddie Mac or, to quote Time
Time (magazine)
Time is an American news magazine. A European edition is published from London. Time Europe covers the Middle East, Africa and, since 2003, Latin America. An Asian edition is based in Hong Kong...

, when "both agencies granted AAA rating to Collateralized Debt Obligations (CDOs) that were chock-full-of crap mortgages, thereby helping to precipitate the 2008 financial collapse"). Ezra Klein
Ezra Klein
Ezra Klein is a liberal American blogger and columnist for The Washington Post, columnist for Bloomberg, a columnist for Newsweek, and a contributor to MSNBC...

 wrote for The Washington Post
The Washington Post
The Washington Post is Washington, D.C.'s largest newspaper and its oldest still-existing paper, founded in 1877. Located in the capital of the United States, The Post has a particular emphasis on national politics. D.C., Maryland, and Virginia editions are printed for daily circulation...

that "Standard Poor's didn't just miss the bubble. They helped cause it," but he said S&P took the right action to downgrade the U.S. On the other hand, Paul Krugman
Paul Krugman
Paul Robin Krugman is an American economist, professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and an op-ed columnist for The New York Times...

 wrote, "it’s hard to think of anyone less qualified to pass judgment on America than the rating agencies," and, "S&P’s demands suggest that it’s talking nonsense about the US fiscal situation".. Perhaps more revealing and supportive of Paul Krugman's comment, David Wyss, who was chief economist at S&P till July 2011 noted to a reporter on August 17, 2011: "The credit agencies don't know any more about government budgets than the guy in the street who is reading the newspaper." Such insider comments lay fresh doubts about the key ratings decisions by S&P. And, in a recent Wall Street Journal article, Mark Adelson, S&P's chief credit officer since June 2008, openly decried the quality of S&P analysis and analysts; yet the majority of them (including Clifford Griep, the former chief credit risk officer) remain employed by S&P. While Mark Adelson reviewed and edited the U.S. downgrade notice, he did not really question the reasoning, nor spot the $2 trillion error in the computations. Furthermore, on August 6, 2011, the CEO Deven Sharma publicly stated that he had no prior knowledge that such a rating change was even in the works for the prior day, but quickly went on to defend the move; in a surprise development, Deven Sharma left S&P in early September amid mounting criticism of the firm's ratings and research.

With the US downgrade some have accused S&P of causing further damage for its own agenda. S&P acknowledged making a USD$2 trillion error in its justification for downgrading the US credit rating, but stated that it "had no impact on the rating decision". "A judgment flawed by a $2 trillion error speaks for itself," said a spokesman for the United States Department of the Treasury
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...

.

The SEC is investigating whether the intent to downgrade the U.S. was leaked prior to the public announcement, since the stock market fell sharply for no apparent reason a day earlier, fed by rumors of an impending downgrade. Another issue that has concerned commentators is that an S&P rating — for example, of the US government or any other national government — can have, and has had, a distinct effect on a truly global scale, but the decision on these ratings are made by the company's employees who are not elected by the public, and are not accountable for their decision making process. There is no appeals process against a credit-rating decision.

In August 2011, S&P filed a letter with the SEC in an attempt to water down a proposal requiring credit rating agencies to publicly disclose "significant errors" in how they calculate their ratings. The SEC proposal, issued in May 2011, would require credit raters to disclose more about their methods and strengthen internal controls to protect against conflicts of interest.

Antitrust review

In November 2009, ten months after launching an investigation, the European Commission
European Commission
The European Commission is the executive body of the European Union. The body is responsible for proposing legislation, implementing decisions, upholding the Union's treaties and the general day-to-day running of the Union....

 (EC) formally charged S&P with abusing its position as the sole provider of international securities identification codes for U.S. securities by requiring European financial firms and data vendors to pay licensing fees for their use. "This behavior amounts to unfair pricing," the EC said in its statement of objections which lays the groundwork for an adverse finding against S&P. "The (numbers) are indispensable for a number of operations that financial institutions carry out – for instance, reporting to authorities or clearing and settlement – and cannot be substituted.”

S&P has run the CUSIP Service Bureau
CUSIP
The acronym CUSIP historically refers to the Committee on Uniform Security Identification Procedures, which was founded in 1964, during the paper crunch in Wall Street. This 9-character alphanumeric code identifies any North American security for the purposes of facilitating clearing and settlement...

, the only International Securities Identification Number (ISIN) issuer in the US, on behalf of the American Bankers Association
American Bankers Association
The American Bankers Association is an industry trade group and professional association representing the United States' banking industry...

. In its formal statement of objections, the EC alleged "that S&P is abusing this monopoly position by enforcing the payment of licence fees for the use of US ISINs by (a) banks and other financial services providers in the EEA and (b) information service providers in the EEA." It claims that comparable agencies elsewhere in the world either do not charge fees at all, or do so on the basis of distribution cost, rather than usage.

See also

  • A. M. Best
  • Capital IQ
    Capital IQ
    Standard & Poor's Capital IQ is a provider of information and analytical tools for investment bankers, money managers, and other financial professionals.-Business description:...

  • Compustat
    Compustat
    Compustat is a database of financial, statistical and market information on active and inactive global companies throughout the world. The service began in 1962....

  • CRISIL
    CRISIL
    Credit Rating and Information Services of India Ltd. a global analytical company providing ratings, research, and risk and policy advisory services....

  • Dominion Bond Rating Service
    Dominion Bond Rating Service
    DBRS is a credit rating agency headquartered in Toronto, Ontario. Founded in 1976 by its current owner and president, Walter Schroeder, it is the largest rating agency in Canada....

  • Dagong Global Credit Rating

  • Global Industry Classification Standard
    Global Industry Classification Standard
    The Global Industry Classification Standard is an industry taxonomy developed by MSCI and Standard & Poor's for use by the global financial community. The GICS structure consists of 10 sectors, 24 industry groups, 68 industries and 154 sub-industries into which S&P has categorized all major...

  • Leveraged Commentary & Data
    Leveraged Commentary & Data
    Leveraged Commentary & Data is a unit of Standard & Poor's, a division of The McGraw-Hill Companies, Inc. LCD is a provider of news, research and commentary to the global leveraged finance community.-History:...

  • List of countries by credit rating
  • Moody's Analytics
    Moody's Analytics
    Moody’s Analytics provides capital markets and risk management professionals with credit analysis, economic research, financial risk management software, and advisory services...

  • Morningstar, Inc.
    Morningstar, Inc.
    Morningstar, Inc. is an independent investment research company based in Chicago, Illinois, USA.-Businesses:Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for...

  • Reuters
    Reuters
    Reuters is a news agency headquartered in New York City. Until 2008 the Reuters news agency formed part of a British independent company, Reuters Group plc, which was also a provider of financial market data...



External links


The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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