Counterattack pass Italy as unleashes attack on ratings agencies Standard & Poor’s, Fitch Ratings and Moody’s, accusing them of failing to take into account the evaluations the rich cultural heritage of the third largest economy in Europe. The Corte dei Conti, sent a letter to Standard & Poor’s, arguing that the firms credit rating may have acted illegally and have been exposed to losses 234 billion, and failed to consider the rich cultural history of Italy by degradation of the country.
As disclosed by the Financial Times, the potentially gigantic claim that the house rejects as frivolous and unworthy, associated with a series of downgrades of Italy, since 2011, when it reached its peak the eurozone debt crisis. Cautioning the S&P that examines legal action against the Corte dei Conti says: The S & P is not never stressed in evaluations of the Italian history, art and landscape elements which, as is internationally recognized, the basis for its financial strength.
Italian officials confirmed the judicial investigation against S&P, Moody’s and Fitch and stated that more details will be known on 19 February. As commented the Financial Times, while it remains uncertain whether Italy will file the lawsuit, this move reflects the anger political circles in Europe for the role played by rating agencies in debt crisis that continues to plague the eurozone.
By Nicole P.