Rating agencies face new Brussels probe

The European Commission is to investigate the US credit rating agencies in light of the volatility sparked this summer by the US subprime mortgage market's nosedive. The Commission's response to the crisis came on the same day that French president Nicholas Sarkozy wrote to Angela Merkel, German chancellor and currently head of the Group of Eight industrial nations, about the turmoil in the credit markets. In the letter, he questioned the "exact role" of the rating agencies in identifying risk.


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