ESMA criticises European RMBS ratings but won't name sinners

By Owen Sanderson
16 Dec 2014

The European Securities and Markets Authority has criticised the rating process for European mortgage securitizations after a study of the four largest rating agencies that it began in October 2013.

The regulator interviewed rating analysts and performed a “desk-based examination of [credit rating agencies'] internal records and on-site inspection at the CRAs' premises.”

ESMA declined to specify which of the four agencies — Moody’s, Standard & Poor's, Fitch and DBRS — each of its criticisms applied to, or whether ...

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