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Italian prosecutors request indictment for Fitch, S&P bosses

Agencies suspected of affecting markets with 'imprudence'

12 November, 11:33
Italian prosecutors request indictment for Fitch, S&P bosses (ANSA) - Rome, November 12 - Prosecutors in the southern Italian town of Trani on Monday requested managers of Standard & Poor's and Fitch be indicted for alleged market tampering related to the international rating agencies' assessments. Prosecutors said earlier this year that they were investigating the possibility that "false, unfounded or imprudent judgements" had unduly affected markets.

Deven Sharma, S&P's president from 2007 to 2011, was one of seven senior figures linked to the agencies who should be sent to trial, according to the prosecutors.

In January investigators searched S&P's Milan offices two days after the agency downgraded Italy along with eight other countries including France and Spain.

Five days later, Trani prosecutors ordered a search of the Milan offices of Fitch, the world's second-largest ratings agency, which downgraded Italy three days later.

The agencies deny any wrongdoing.

Prosecutors said they would not be taking action against Moody's managers after opening a probe into its decisions.