This doesn't rank high on the list of massive compliance lapses we've seen elsewhere, but it does highlight the need for all companies to revisit their disclosure policies.

S&P had obviously been briefed on the deal calling for PNC to issue $3 billion in common shares and $2 billion in debt to pay back TARP funds. Breakingviews notes that the language in the credit rating agency's notes suggests that it was to be released after the deal was announced. Instead, the note was released a few hours before the official announcement by the client. Ouch.

This is a minor mistake in terms of impact, but it doesn't instill confidence in clients of S&P. You have to wonder how this happened. It certainly suggests a rather haphazard process relying on individuals rather than a system. What about your company? Could sensitive market-moving information be released inadvertently? 

For more:
- here's the Breakingviews article

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