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February 5, 2013

Feds tell S&P to expect civil suit over ratings on mortgage debt

AP Business Writer

WASHINGTON — The U.S. government is expected to file civil charges against Standard & Poor's Ratings Services, alleging that it fraudulently gave high ratings to mortgage debt that later plunged in value and helped fuel the 2008 financial crisis.

The charges would mark the first enforcement action the government has taken against a major rating agency involving the financial crisis.

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