Pharma Investments, Ventures & Law Weekly
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Standard & Poor's
Standard & Poor's Welcomes Legal Ruling in Israel on Ratings
January 18th, 2009
Standard & Poor's Ratings Services today welcomed a landmark court ruling in Israel upholding the independence of credit ratings. The ruling yesterday (29 December) by the Tel Aviv District Court rejected a claim by TMI and its parent BSG Resources, a mining and resources group, that sought to challenge a recent downgrade of TMI's rated debt by Standard & Poor's Maalot, S&P's wholly-owned operating company in Israel. The court ruling is the first of its kind in Israel and upholds the principle that ratings are independent opinions about likelihood of future default that cannot be forcibly changed by issuers or courts. TMI may apply to the Israeli Supreme Court for...
Source: Pharma Investments, Ventures & Law Weekly (2009-01-18)
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