Subprime rating actions spark EC review of agencies

The European Commission (EC) is planning an “intensive review” of credit rating agencies after the slew of recent rating actions on securities affected by poorly performing US subprime mortgages. “Certainly we’ve been concerned by the apparent slowness of the credit rating agencies to react to changes and the deterioration of the US subprime mortgage market,” said a Brussels-based spokeswoman. The Commission is planning a widespread review of rating agencies centred upon credit ratings migra

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