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    CARERATING   INE752H01013

CARE RATINGS LIMITED

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Delayed NSE India Stock Exchange  -  05/24 07:14:08 am EDT
451.70 INR   -2.45%
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CARE Ratings : Morningstar presses court to dismiss SEC's mortgage ratings lawsuit

04/20/2021 | 10:49am EDT
FILE PHOTO: FILE PHOTO: FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door

WASHINGTON (Reuters) - Ratings and research firm Morningstar Inc has asked a New York judge to dismiss a lawsuit filed by the top U.S. securities regulator over ratings of commercial mortgage-backed securities, according to a court document.

The U.S. Securities and Exchange Commission (SEC) sued Morningstar's former ratings business in February, saying the firm violated disclosure and internal controls requirements in 30 commercial mortgage-backed securities transactions from 2015 to 2016 when the agency allowed analysts to make undisclosed adjustments to key stresses in its modeling.

The SEC "does not like that (the firm's) former methodology included these adjustments" but Morningstar's analytical independence is protected by Congress, lawyers for the company said in the filing, which was filed on Monday. Morningstar said the regulator is overstepping its authority and the firm met all disclosure requirements.

A spokeswoman for the company declined to comment beyond the filing. An SEC official also declined to comment.

Ratings agencies came under criticism after the last financial crisis as inflated ratings of mortgage-backed securities helped fuel a U.S. housing bubble. Congress later charged the SEC with overseeing the ratings agencies, but the agency struggled with the oversight due to insufficient resources and technology changes, Reuters has previously reported.

(Reporting by Chris Prentice; Additional reporting by Jonathan Stempel in New York; Editing by Paul Simao)

By Chris Prentice


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CARE RATINGS LIMITED -2.45% 451.7 Delayed Quote.-25.22%
MORNINGSTAR, INC. -2.30% 241.56 Delayed Quote.-29.37%
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Financials
Sales 2022 2 622 M 33,8 M 33,8 M
Net income 2022 820 M 10,6 M 10,6 M
Net Debt 2022 - - -
P/E ratio 2022 16,3x
Yield 2022 4,96%
Capitalization 13 391 M 173 M 173 M
Capi. / Sales 2022 5,11x
Capi. / Sales 2023 4,57x
Nbr of Employees 525
Free-Float 91,4%
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Mean consensus BUY
Number of Analysts 2
Last Close Price 451,70 INR
Average target price 658,50 INR
Spread / Average Target 45,8%
EPS Revisions
Managers and Directors
Ajay Mohanlal Mahajan Chief Executive Officer & Managing Director
Jinesh Shah Chief Financial Officer
Najib Shah Chairman
A Shiju Rawther Chief Information & Technology Officer
Nehal Shah Secretary & Compliance Officer
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