Standard and Poor’s is the first rating agency to face civil fraud charges from the federal government. The Justice Department filed a civil complaint against the company on Monday. It’s the first federal enforcement action against a credit rating firm since the financial crisis almost five years ago.

A major credit rating service has issued a more optimistic view of New York's future, which could eventually boost its credit rating. Standard & Poor's revised its outlook for New York to "positive" from "stable" on Monday.

The credit rating agency Standard and Poor's downgraded the United States' credit rating for the first time in its history, from AAA to AA+, last Friday. This news sent shock-waves around the globe, sending markets into free-fall, and forcing global leaders into emergency meetings.