Italy prosecutor says charges S&P, Fitch ratings

ROME - Agence France-Presse

EPA Photo

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.