US authorities have alleged that significant harm was caused by S&P's conduct
Ratings agency Standard and Poor's (S&P) has claimed the lawsuit filed against it by the US Justice Department was "retaliation" against its decision to downgrade the US credit rating.
The agency was sued in February over its assessment of mortgage-backed securities before the financial crisis.
The suit alleged that S&P turned a blind eye to risks in the products, and gave them ratings that were too high.
The US government is seeking $5bn (£3bn) in penalties.
In a court filing on Tuesday, S&P, which had previously said the case was without merit, claimed that it was being sued in retaliation for its downgrade of the US credit rating in 2011.
S&P downgraded the US rating in August 2011 one notch from AAA to AA+, amid a standoff in Congress over whether to raise the country's borrowing limit.
It had cited concerns about budget deficits as the reason behind the downgrade.
"Only S&P Ratings downgraded the United States and only S&P Ratings has been sued by the United States," S&P said in the court filing.
The lawsuit is the first to be brought against a ratings agency for alleged wrongdoing connected to the financial crisis.
Source: BBC News - Business http://www.bbc.co.uk/news/business-23954997#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
