EU calls for review of credit rating agencies

Credit rating agencies have come in for as much criticism over the past three years as audits firms and banks from corporate scandals such as Enron, Parmalat and Worldcom.

In addition, more focus is being placed on just how credit rating agencies achieve their ratings because these ratings form the basis of the standardised approach to credit risk under the new Basel II framework.

Both the SEC and EU officials have been exploring the role of credit agencies since 2003.

The European Parliament

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