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Audit Court says rating agencies suit might be shelved

Putting a number on the damages sought 'premature'

05 February, 17:40
Audit Court says rating agencies suit might be shelved (ANSA) - Rome, February 5 - Italy's Audit Court said Wednesday its suit against the world's three leading rating agencies for damages over downgrades of the country's credit rating in 2011 is in the preliminary inquiry phase and might end up being shelved.

Putting a number on damages sought is "premature", the court said.

The court's statement comes in the wake of a Financial Times report that it may be about to sue Standard & Poor's, Moody's and Fitch for 234 billion euros over the downgrades, which increased concern about Italy's financial position and contributed to a rise in borrowing costs at the height of the eurozone debt crisis.

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