Rating agencies Standard & Poor’s and Canada’s DBRS have become the latest industry victims of the credit market turmoil after both followed the lead of rival Moody’s in cutting jobs and closing down operations.

McGraw-Hill Companies said it is to cut 172 jobs globally in its financial services unit, which includes S&P, while DBRS said it had closed its fledgling European offices and was cutting jobs in its larger New York and Toronto operations.