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Debt Raters Go Easy on M&A Borrowers

Moodys and S&P go beyond financial metrics on acquisitions.

By Michelle F. Davis, Bloomberg | Updated on October 25, 2016

A decade after the triple-A failures of the subprime era, grade inflation is back on Wall Street. This time, Moody’s Investors Service and S&P Global Ratings Inc. are cutting companies slack on mergers and acquisitions, an analysis of credit-ratings data by Bloomberg News found.

Over the past year and a half, both have bumped up their ratings by two, three or even six levels on a majority of the biggest deals, the analysis found.

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