Lunedì, 22 Ottobre 2018
ROME

Indictments for S&P, Fitch bosses requested in Italy

English
© ANSA

Rome, November 12 - Prosecutors in the southern
Italian town of Trani on Monday requested managers of Standard &
Poor's and Fitch be indicted for alleged market tampering
related to the international rating agencies' assessments.
Prosecutors said earlier this year that they were
investigating the possibility that "false, unfounded or
imprudent judgements" had unduly affected markets.
Deven Sharma, S&P's president from 2007 to 2011, was one of
seven senior figures linked to the agencies who should be sent
to trial, according to the prosecutors.
In January investigators searched S&P's Milan offices two
days after the agency downgraded Italy along with eight other
countries including France and Spain.
Five days later, Trani prosecutors ordered a search of the
Milan offices of Fitch, the world's second-largest ratings
agency, which downgraded Italy three days later.
The agencies deny any wrongdoing.
Standard & Poor's called the Trani prosecutors' accusations
"totally unfounded" and added that the agency will continue to
work "without fear".
Prosecutors said they would not be taking action against
Moody's managers after opening a probe into its decisions.
On the same day, the chief prosecutor in the investigation
announced that Lazio's Audit Court had opened a parallel
investigation into the two international rating agencies.
Investigators there have estimated damages to the Italian
Treasury at 120 billion euros, Trani prosecutor Carlo Maria
Capristo said.
Prosecutors there have requested indictments for top
management at Standard & Poor's and Fitch agencies, he said.
Capristo added that S&P is also under investigation in the
US, where the justice department has officially asked Trani
prosecutors to share information related to the case.
"They have our full collaboration," said Capristo.
The same office has been carrying out probes into the
ratings agencies since last year, responding to complaints from
Italian consumer associations Adusbef and Federconsumatori.
"Adusbef and Federconsumatori recall the damages caused by
the three ratings-agency sisters," said the groups in a July
statement.
Its report also calculated damages to the Italian economy
of 120 billion euros due to downgrades amid the euro crisis.

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