EU cautions ratings agencies over Covid-19 knee-jerk downgrades
The chair of the European Securities and Markets Authority says the ‘the timing of ratings actions needs to be carefully calibrated’
09 April 2020 - 16:58
London — Credit ratings agencies should avoid deepening the coronavirus crisis by quick-fire downgrades of countries and companies as the pandemic pushes economies into recession, the EU’s securities market chief said on Thursday.
Steven Maijoor, chair of the European Securities and Markets Authority (ESMA), said the watchdog has intensified its interactions with ratings agencies to understand how they are responding to the Covid-19 crisis...
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