ESMA Fines Moody’s €1.24M for Credit Ratings Breaches
ESMA says that between June 2011 and December 2013 Moody’s failed to explain decisions for 19 ratings.
Under the objectives of CRAR, crediting rating agencies must publicly disclose methodologies as an integral part of the rating process, allowing investors and market participants to check and verify that issued ratings are sound and reliable.
ESMA found that the methodology used in each of the 19 ratings issued by Moody’s Germany and Moody’s UK between June 2011 and December 2013 was not the subject of any separate public disclosure either before or after the public rating announcements, which
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