Italy raids S&P and Moody’s

IN a shock move, Italian police raided the offices of ratings agencies Standard & Poors and Moody’s and seized documents yesterday, accusing the firms of causing “anomalous” movements in Italian stock prices.

Prosecutors said the raid was aimed at “verifying whether these agencies respect regulations as they carry out their work”.

S&P in Italy said in a statement it believed the probe was “groundless”. Moody's said it “takes its responsibilities surrounding the dissemination of market sensitive information very seriously”.