S&P sued over CPDO ratings in Australia

Local Government Financial Services (LGFS), an investment manager in New South Wales, Australia, is suing Standard & Poor’s over a triple-A rating it assigned to a highly leveraged structured finance instrument.

  • 11 Mar 2010

The fund, owned by New South Wales’ Local Government Superannuation Scheme, a pension provider, has sued Standard & Poor’s for giving a AAA rating to constant proportion debt obligations (CPDOs) that it bought in 2006 and 2007 — and that consequently lost 93.33% of their value.

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