Bloomberg LP has announced that it will come up with a new rating system. This would be provided as a service on its terminals and would show the credit worthiness of a company.

It will be relative in nature and will not be like the traditional credit rating system.

Bloomberg is into the business of providing business and market-related news and information.

BusinessWeek magazine will soon be acquired by Bloomberg L.P. McGraw-Hill Cos. With this move, Bloomberg will be able to widen its reach at a time when the economic downturn has affected its core financial-services audience.

Though the purchase price was not revealed, however the sources claim it to be $2 million to $5 million.

As per the media reports, a bid for BusinessWeek magazine is being considered by Bloomberg LP, as the deadline for offers draws nearer.

Sources 'in the know' specified that the interest expressed by Bloomberg in BusinessWeek clearly indicates the financial-information provider's ongoing development beyond its core business.

Bloomberg has information that federal investigators working to unravel Bernard Madoff’s alleged $50 billion Ponzi scheme - which clipped many wealthy investors - found evidence he ran an unregistered money-management business alongside his firm’s brokerage and investment-advisory units.