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Bank claim: Credit agencies to change bank ratings

Agencies need to improve regulations on how they rate banks in order to produce accurate credit ratings.

The European Securities and Markets Authority (ESMA) released a report criticising credit agencies for their methods of rating banks in Europe. This was the second annual report for the regulator, which focused on bank rates due to their close links with government debt.

Moody’s, Standard and Poor’s and Fitch were criticised by ESMA for “shortcomings in the processes of disclosure and implementation of changes in bank rating methodologies.”

These credit agencies are registered with ESMA, meaning that they must comply with European Regulations in order to rate banks in Europe.

Ratings by these agencies can have an influence in the performance of countries’ economic movements and currency values. Last month, Moody’s downgraded the UK’s credit rating from AAA to AA1, which led to a fall in the value of sterling.

Weakness in the UK’s domestic economy, which has been suffering since the financial crisis in 2008, was part of the reason why Moody’s downgraded the UK’s credit rating.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801557767-ADNFCR

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