Agencies sued in Italy
ROME - Agence France-PresseAn 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.