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.”

Below is the full text of McGraw-Hill’s comments.

“The lawsuit filed in Connecticut this morning is simply a case of a state attempting to use litigation to dictate what bond rating it receives.

"The claims asserted by the Attorney General violate First Amendment rights - which courts around the country have repeatedly ruled apply to rating agencies and their opinions - and would result in an erosion of analytical independence and undermine investor confidence in the market by allowing ratings to be determined by governmental mandate or the threat of litigation.

"S&P is committed to providing investors and the market with independent and quality ratings opinions. We have worked - and will continue to work - closely with market participants and government officials to identify ways we can strengthen our ratings systems, while protecting the independence of our opinions.

"The suit is without merit and we will vigorously defend against it."