Bloomberg to launch credit rating service
Sam Fleming of the Daily Mail in London reports that Bloomberg LP is launching a bond rating service in a challenge to embattled incumbents Standard & Poor’s, Moody’s and Fitch.
Fleming writes that Bloomberg “plans to use its vast computing power to assign ratings to corporate debt, according to an internal memo yesterday.
“Unlike existing offerings, verdicts on bonds will be driven by computerised number-crunching rather than subjective judgment.
“The memo said Bloomberg wants to offer users of its flagship data terminals a ‘robust gauge’ of a debt issuer’s creditworthiness that is updated daily.”
Read more here. Business journalism and credit rating went over well at McGraw-Hill, owner of Standard & Poor’s and former owner of BusinessWeek, right?
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[…] Bloomberg is already entering the fray with “verdicts on bonds [that] will be driven by computerised number-crunching rather than subjective judgment.” It doesn’t take a hedge fund manager to see more money will be made with more objective evaluations of investment vehicles. And where there’s money to be made … […]