ECB rating response backs early warnings for sovereigns
The European Central Bank this week rejected the idea of a European credit rating agency. The opinion formed part of the ECB’s response to a European Commission consultation on rating agencies, and also made clear that the bank sees no role for itself in rating European sovereigns.
However, the ECBs responses are likely to frustrate some of the agencies, which have fought vigorously against proposals that rating agencies should inform sovereigns up to 72 hours ahead of a rating action.
"As regards the Commissions proposal that CRAs should inform a countrys authorities ahead of the
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