ECB rating response backs informing sovereigns
The European Central Bank has published its response to the European Commission consultation on rating agencies, revealing that the central bank rejects ideas including a European credit rating agency (or a role for the bank itself in rating European sovereigns).
However, the ECBs response is likely to frustrate some of the agencies, that have fought vigorously against proposals that rating agencies should inform sovereigns up to 72 hours ahead of a rating action.
The central bank said: As regards the Commissions proposal that CRAs should inform a
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