EuropeanIssuers’ Response to the European Commission Consultation Paper on Credit Rating Agencies

EuropeanIssuers

On 14 January 2011, European Issuers', a pan European organisation, published its response to the European Commission's Consultation Paper on Credit Rating Agencies of 5 November 2010.

European Issuers stated:

• the measures designed to prevent another financial crisis should not be applicable to all corporates as issuers of corporate bonds were not the cause of the financial crisis and consequently should not be penalised;
• opposition to the extension of the right of access to business information to other credit rating agencies other than that hired by an issuer; and
• preference for the combination of mid-sized credit rating agencies in order to increase competition.

Date

January 14, 2011