Rating agencies 'must change methods'
The credit rating agencies, Fitch, Moody's and Standard & Poor's, must improve the way in which they are changing how they rate banks, the European supervisor said yesterday. The European Securities and Markets Authority, in its second annual review, said the focus had to be on how banks are rated because of their position at the core of the eurozone crisis. It said the rating agencies still had "shortcomings in the processes of disclosure and implementation of changes in bank rating methodologies".
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies