Italy accuses S&P and Fitch

City A.M. Reporter
ITALIAN prosecutors are seeking trial for seven current and former employees at rating agencies Standard & Poor’s and Fitch over downgrades of Italy, paving the way for the first European court case over sovereign rating cuts.

Prosecutors in the southern town of Trani, launching a case which bigger Italian courts have refused to back, probed five analysts from S&P and two from Fitch for alleged market manipulation and abuse of privileged information.

S&P rejected all the claims made by the prosecutors.