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FINANCE > Italy prosecutor says charges S&P, Fitch ratings

ROME - Agence France-Presse

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An Italian prosecutor filed charges of market manipulation against Standard & Poor's and Fitch ratings agencies yesterday over downgrades of Italy's credit rating that helped fuel the euro debt crisis.

"We have filed charges against Standard & Poor's and Fitch," said Prosecutor Michele Ruggiero, who filed charges against seven people, five of whom worked at Standard & Poor's, while two worked at Fitch at the time of the alleged crime.

Fitch upgraded Turkey to investment level last week, giving a boom to the markets, in a move appreciated by Turkish officials.

Turkey is two notches behind the investment level in the Standard & Poor's listing.

November/12/2012

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Aryeh Rapaport

11/12/2012 8:44:29 PM

Ridiculous.. If they had good financials, positive predictions they wouldnt be downgraded. They should spend more time thinking if increasing economic prospects instead of killing the messenger..
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