The McGraw-Hill Cos., parent company of rating agency Standard & Poor’s, plans to defend its First Amendment rights to free speech and opinion in response to Connecticut Attorney General Richard Blumenthal’s allegations that S&P and other rating agencies engaged in “deceptive and unfair practices.”

Hartford-based insurance and asset management firm The Phoenix Cos. has reported second quarter net income of $6.2 million, down 80 percent year-over-year, a loss it blames mostly on expenses related to the spin-off of its asset management business and a costly proxy battle earlier this year.

Connecticut Attorney General Richard Blumenthal said Wednesday he will take legal action against the three major rating agencies, which he accused of “deceptive and unfair practices.”

NewAlliance Bancshares of New Haven, holding company for NewAlliance Bank, has reported net income of $11.8 million for the second quarter of this year, down slightly from the first quarter but well ahead of a $3.9 million loss in the second quarter of 2007.

A Michigan insurance company has gained the funding necessary to begin selling products underwritten by Hartford-based Sparta Insurance Co. to staffing firms nationwide.