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Paris to target credit rating agencies at G7.
(From FT Investor (Stories))
France plans to raise the issue of regulating the international credit ratings agencies with its partners in the Group of Seven industrial countries.
The aim is to agree a set of principles with the ratings agencies to make them more transparent and accountable. The French finance ministry has already sounded out Moody's Investors Service, one of three big agencies that dominate the business.
The move follows rising concern at the agencies' growing influence in assessing the financial status of businesses and the impact of such assessments on investors and banks.
One French official said: "The rating agencies are one of the last areas in the whole financial industry which remain opaque and not really regulated."
Separately, the French association of corporate treasurers (AFTE) is in talks with rating agencies about a code of conduct.
Paul Taylor, group managing director at Fitch, the third largest agency, said a code was welcome but some issues, such ...
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