NEW YORK (Standard & Poor's) Sept. 9, 2005--Standard & Poor's Governance Services said today that it will no longer provide public corporate governance scores for U.S. companies, and withdrew its corporate governance score (CGS) on Washington, D.C.-based housing government-sponsored enterprise (GSE) Fannie Mae (FNMA). Earlier, Standard & Poor's lowered Fannie Mae's score to 'CGS-6' from 'CGS-7'. It was lowered to reflect deterioration in the timeliness of disclosure as the company works to complete its financial restatement. Standard & Poor's will continue to monitor Fannie Mae's corporate governance practices as part of its normal credit rating surveillance. Standard & Poor's has historically factored management and governance issues into its ratings processes, and in March 2004 introduced a risk-based approach to determine...
Companies mentioned in this report are:
- Fannie Mae
Action: General Comment
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Research type: News
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