Pan Am Corp. v. Delta Air Lines, Inc

In Pan Am Corp. v. Delta Air Lines, Inc., 161 BR 577 (SD NY 1993) the United States District Court for the Southern District of New York considered this precise issue, under the First Amendment, with respect to S&P. It held that S&P functions as a journalist when gathering information for its ratings, and that it had the requisite newsgathering intent at the inception of the process. It considered S&P's uncontroverted proof that it gathered and analyzed the data for the purpose of communicating that information to the public through its various publications, including CreditWeek, HighYield Ouarterly, and Ratings Handbook. S&P demonstrated that it used an editorial process, which included gathering the information from different sources, analyzing it, conducting internal consultations regarding a rating, and then publishing the rating with accompanying analysis and commentary. Id. at 581-82. S&P presented proof that the detailed research, analysis and judgment of its analysts are displayed in the corporate "rating rationale" reports and industry analyses that appear in S&P publications. It submitted proof that when a rating change is anticipated or occurs, S&P analysts report on the change and the reason for the change in CreditWeek, and therefore, its analysts serve as its reporters as well. Id. at 581-82 & n2. S&P submitted issues of its periodical CreditWeek, which the court found demonstrated "beyond peradventure S&P's publication of various financial information and commentary." Id. at 581.