A prosecutor in the southern city
of Trani on Thursday requested that a court sentence David
Riley, an analyst for the Fitch agency, to nine months in jail
for alleged market manipulation linked to Italy's sovereign
rating. The prosecutor also requested that Riley, the head of
sovereign rating at the time of the alleged wrongdoing, be
ordered to pay a 16,000-euro fine. Riley is accused of twice (on
January 10 and 17 2012) anticipating the imminent double
downgrade of Italy's rating from A to BBB+, officially decided
by Fitch only on January 27 that year. In so doing, prosecutors
say, he negatively influenced the Italian financial market.
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