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Standard & Poor’s, the giant credit ratings agency, is closing in on a series of settlements with the government that will erode its profit and may damage its credibility as a major player on Wall Street.

In one settlement that could be announced on Wednesday, S.&P. may be required to take a timeout from rating some commercial mortgage bond deals under an agreement with state regulators and the Securities and Exchange Commission, according to a person briefed on the case who spoke on the condition of anonymity. Under that settlement, which would resolve an inquiry into allegations that S.&P. bent its rules to win more ratings of commercial mortgage deals, S.&P. would pay $62 million in fines and restitution.

On the heels of striking that deal, S.&P. has reached a tentative $1.37 billion settlement with the Justice Department and state attorneys general, according to two other people briefed on the matter. That case, premised on the accusation that S.&P. awarded inflated credit ratings to mortgage investments that spurred the financial crisis, could be announced late this month.

The settlement is not final, the people said, and any deal would need the approval of about a dozen state attorneys general.

Together, the penalties are large enough to wipe out S.&P.’s operating profit for a year. The settlements would also reinforce the notion that S.&P. has abused its trust as a ratings agency.

But the settlements also signify a victory for S.&P. In paying the penalties, the ratings agency is lifting some of its biggest headaches and buying peace with the authorities that oversee it, most notably the S.E.C.

After much internal debate, the S.E.C. declined to penalize S.&P. for its role in rating crisis-era mortgage deals. Instead, the S.E.C. has taken aim at S.&P.’s ratings of eight commercial mortgage investments issued in 2011 and S.&P.’s public disclosures about those ratings.

To settle with the S.E.C., as well as authorities in New York and Massachusetts, S.&P. has agreed not to rate certain commercial mortgage bond deals for as long as a year, the person briefed on the case said. The penalty, which would represent one of the toughest actions taken by the S.E.C. against a ratings agency, would deal a symbolic blow to S.&P., which has not been rating such deals for a while.

Each government agency would collect part of the $62 million penalty. New York is expected to receive $12 million, the person said, and Massachusetts is expected to receive $8 million. The remainder would go to the S.E.C., which is also expected to resolve some smaller matters with S.&P. for more than $15 million.

An S.E.C. spokesman declined to comment. An S.&P. spokeswoman declined to comment.

For months, S.&P. expected to settle that case. And the parameters of the settlement are not a surprise, as S.&P. previously disclosed some details of the deal. A settlement in the crisis-era case filed by the Justice Department and a dozen or so state attorneys general has proved more elusive.

After the Justice Department filed the case in early 2013, S.&P. waged a public war against the civil accusations. It even argued that the case was “retaliation” for S.&P.’s decision to cut the credit rating of the United States.

S.&P.’s change of heart, months in the making, accelerated in recent days. Last week, The New York Times reported that S.&P. was in talks to settle the case and that it had signaled a willingness to pay more than $1 billion, a threshold the government set.

The settlement of $1.37 billion, which will include a statement of facts outlining S.&P.’s wrongdoing, was reached after late-stage talks last week, the people briefed on the matter said. S.&P.’s lawyers met with Stuart Delery, the Justice Department official overseeing the talks, and representatives from state attorneys general, including Connecticut, the first state to sue S.&.P.