SEC investigating S&P`s downgrade of US debt: Report
SEC investigating S&P`s downgrade of US debt: Report
Updated on Friday, August 12, 2011, 14:49

New York: The US Securities and Exchange Commission (SEC) has asked rating agency Standard & Poor`s (S&P) to disclose which employees knew of its decision to downgrade US debt before it was announced last week, the Financial Times said, citing people familiar with the matter.

SEC`s move is part of a preliminary examination into potential insider trading, the FT said.

The inquiry was made by the SEC`s examination staff, which has oversight of credit rating firms, one person familiar with the matter told the newspaper.

However, the securities regulator is not aware of a leak from an S&P insider, nor was it aware of an aberrational trade, the paper said.

The US Senate Banking committee has begun looking into last week`s decision by S&P`s to downgrade the US credit rating, a committee aide told on Monday.

Bureau Report

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