Standard & Poor's Corp. is getting out of the business of rating U.S. companies on corporate governance, closing the door on the struggling service that was beset with difficulties since its 2002 kickoff.
Simultaneously, the firm is withdrawing its rating of embattled Fannie Mae, the sole U.S. company that allowed the firm to go public with its corporate governance rating.
Though the business has been successful in emerging markets, S&P never found its footing importing the business model to the United States, with corporate America showing little interest in coughing up big bucks for the type of labor-intensive governance workup the firm was offering.
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