Europe - The EU targets rating agencies likes of Standard and Poor's, Moody's & Fitch should be held to account.

Published on Nov 15, 2011 by Euronews

http://www.euronews.net/ The European Commission has stepped up its attack on credit rating agencies. Angered by a spate of downgrades on individual member states, Brussels says the likes of Standard and Poor's, Moody's and Fitch, which rank countries' and companies' debt, should be held to account.

Only last week, Standard and Poor's downgraded France by mistake. That was quickly corrected and blamed on a technical error, but the EU's internal market chief Michel Barnier insisted stricter rules are needed.