Ratings agency Fitch Ratings didn’t like what it saw on a residential mortgage backed securities bond from Credit Suisse Group (NYSE: CS) and it said so. That led the bank to drop the agency’s rating in favor of two ‘AAA’ ratings assigned by Standard & Poor’s, a division of The McGraw Hill Companies Inc. (NYSE: MHP), and DBRS Ltd.
The Wall Street Journal reports that the bond was backed by $746 million in jumbo mortgage loans initiated by MetLife Inc. (NYSE: MET) and others. Fitch had been paid for its rating on the deal. The WSJ noted that Fitch published a report critical of S&P’s and DBRS’s rating.