Calyon rogue trade escapes rating agency downgrades

The three main rating agencies - Fitch Ratings, Moody's and Standard & Poor's - have all affirmed their ratings and ratings outlooks for Calyon and its parent company following the disclosure of a large rogue trade.

The rating agencies confirmed their positions yesterday, satisfied for the time being that risk management controls at the investment bank are adequate following its shock announcement on September 18 that a large unauthorised credit derivative index trade would knock EUR250 million

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