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Published: October 27, 2007

Agencies' records are sought

HARTFORD, Conn. — Connecticut's attorney general said Friday that he has subpoenaed the nation's three largest debt-rating agencies as part of an investigation into possible anticompetitive practices.

Attorney General Richard Blumenthal confirmed that his office issued subpoenas Oct. 10 to Standard & Poors, Moody's Investor Services and Fitch Ratings Service.

The investigation focuses on whether the credit-rating agencies are using their dominant position to unfairly raise prices or exclude competitors in violation of Connecticut's antitrust laws, he said.

FedEx air rates to increase in '08

MEMPHIS, Tenn. — FedEx Corp. said Friday it will increase its air shipping rates in 2008 by an average of 4.9 percent.

Listed rates for packages and freight carried by the cargo airline FedEx Express will go up by 6.9 percent. But the increase is offset by a 2 percent reduction in the fuel surcharge.

It applies to air shipping within the U.S. and items exported abroad. The Memphis-based company said rates also are expected to go up for ground shipping in the U.S. Those increases will be announced later this year.

TJX warned in '04 of security issues

BOSTON — TJX Cos. was warned it had inadequate safeguards to protect credit card data the year before hackers broke into the discount retailer's systems and unearthed information from an estimated 100 million credit cards, banks that are suing TJX allege in a court filing.

Despite the 2004 warning about compliance with credit card industry standards, TJX failed to fix many of the problems before hackers first broke into the company's systems in July 2005, according to the filing late Thursday in U.S. District Court in Boston.

"This report identified numerous serious deficiencies at TJX, including specifically violations. TJX did not remedy many of these deficiencies,” the filing says.

Sherry Lang, a spokeswoman for Framingham, Mass.-based TJX, declined to comment Friday.

Mortgage rates tumble to 6.33%

WASHINGTON — Rates on 30-year mortgages fell to the lowest level in six weeks as financial markets grew more hopeful that the Federal Reserve will boost the sluggish economy by cutting interest rates further.

Freddie Mac, the mortgage company, reported that 30-year, fixed-rate mortgages fell to 6.33 percent this week, down from 6.40 percent last week. It was the lowest level since 30-year mortgages dipped to 6.31 percent on Sept. 13, which had been the lowest point since last May.

Analysts attributed this week's decline to rising expectations that the Fed, which cut a key rate for the first time in four years in September, will trim it again at a meeting next week to try to prevent a severe slump in housing and a credit crunch from derailing the economy in coming months.

Other mortgage rates also fell this week. Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 5.99, down from 6.08 percent last week. Rates on five-year adjustable rate mortgages averaged 6.03 percent, down from 6.11 percent last week. Rates on one-year ARMs dropped to 5.66 percent, down from 5.76 percent last week.

The Associated Press