The Straits Times
Published on Nov 12, 2012

Italy prosecutor says charges S&P's, Fitch ratings


ROME (AFP) - An Italian prosecutor filed charges of market manipulation against Standard & Poor's (S&P's) and Fitch ratings agencies on Monday over downgrades of Italy's credit rating that helped fuel the euro debt crisis.

"We have filed charges against Standard & Poor's and Fitch," said Prosecutor Michele Ruggiero, who filed charges against seven people, five of whom worked at S&P's, while two worked at Fitch at the time of the alleged crime.

Among those charged are Mr Deven Sharma, the head of S&P's from 2007 and 2011, and the operational director for Fitch, Mr David Michael Willmoth Riley.

The charges have to be confirmed by a judge for any trial to go ahead - a process which could take months under the Italian judicial system.