Italy's Audit Court may sue rating agencies for 234 bn euros
Case regards alleged error in 2011 downgrade - FT report05 February, 10:57
The Audit Court 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.
The FT said S&P had revealed that it had been notified that the Audit Court may present a claim, in part because the agency allegedly failed to account for Italy's cultural heritage when downgrading the country's rating.
"S&P never in its ratings pointed out Italy's history, art or landscape which, as universally recognised, are the basis of its economic strength," the FT quoted the petition as saying. S&P dismissed the claim as "frivolous and without merit", the FT said.