Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-06-Speech-1-201-000"
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"en.20110606.21.1-201-000"2
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"Mr President, the credit rating agencies lost their credibility a long time ago. Our rapporteur is absolutely right on that point. They upgrade and downgrade almost everything: countries, banks, municipalities, even public corporations, absolutely everything, but their ratings are based, for the most part, on undisclosed, unpublished and, hence, non-transparent information.
The issue of the lack of transparency and, hence, of the credibility of the data used by credit rating agencies raises an important question: is it fair, is it logical, is it morally correct for ratings that affect the economy and upset the lives of millions of our fellow citizens overnight to be non-transparent and possibly unreliable? Obviously it is not."@en1
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