Rating Agencies Face Brussels Probe

The EC is to investigate US credit rating agencies in light of the volatility sparked this summer by the US sub-prime mortgage market's nosedive. The EC's response came on the same day that French president Nicholas Sarkozy wrote to Angela Merkel, German chancellor and head of the Group of Eight industrial nations, about the credit market turmoil. In the letter, Sarkozy questioned the "exact role" of the rating agencies in identifying risk.

An annual review of the agencies by CESR examines th

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