Current Affairs Global - 3 February 2015

1. Global Credit Ratings agency Standard & Poor's (S&P) has been asked to pay around USD 1.38 billion settlement to US regulators over allegations that S&P knowingly inflated its ratings of risky mortgage bonds before the sub-prime crisis in 2008. The ruling covers all the mortgage bond ratings between years 2004 and 2007.

These mortgage bonds including sub-prime mortgages were responsible for US housing market collapse and one of the worst financial crisis after the great depression.