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.”