Fitch warns from the effects of a list of credit rating

Susan Luna senior adviser to the agency, Fitch Ratings, one of the top three credit rating agencies in the world that the EU proposal for the regulation of credit rating agencies have “unintended consequences” would harm more than good financial markets

. She explained that Fitch consistent with the main objectives of the proposals that aim to increase competition and transparency in the market classification. She added that, however, we believe that many of the recent proposals of the European Commission will produce actually less competition and less transparency and greater reliance on the classification. She emphasized that the possibility of unintended consequences of these proposals hasty large.

It also said that there is great danger of these proposals to increase the turbulence in the capital markets of Europe. Over the past two years, the EU officials often criticize the wisdom of the rating agencies, saying they exacerbate market turbulence through the exaggeration in the size of the financial problems of the euro zone, instead of warning investors about the risks in the future.

Supported the Commission regulatory proposals in November, but alleviated to cancel a plan to protect the European Union, which threatened to resort to saving to reduce its credit rating. A spokesman said it should EU governments and the European Parliament to reconsider the issue during talks on the actions following the reduction of agency Standard & Poor’s credit rating of nine Member States in the euro area.