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European Parliament Votes Through New Credit Rating Agency Rules

BRUSSELS--The European Parliament Tuesday voted through draft legislation to tighten rules on credit rating agencies which have come under heavy criticism from several European politicians for their assessments and actions in the region during the financial crisis. The new rules, approved by the Economic and Monetary Committee aim to regulate sovereign ratings, reduce investor reliance on ratings and restrict the scope for conflicts of interest. The European Council voted through its version of legislation last month. As both the parliament and the European Council have now agreed a negotiating position on the rules, three-way discussions can begin with the European Commission on the final wording of the legislation. This is the third round of regulation ratings agencies have faced in Europe since 2008. Pressure to tighten control of them has increased significantly in recent years after ratings companies generally failed to recognize the risks involved with securitized subprime mortgage products in the U.S. More recently, they have come under heavy criticism by several European politicians for their assessments and actions in the region during the financial crisis. Credit ratings have grown to play an important role in how investors assess the likelihood of a company or country to pay back its debt. But the financial systems reliance on the big three ratings agencies--Standard and Poor's, Moody's and Fitch--has been criticized throughout the crisis and is said to pose a major risk to the system. Write to Clare Connaghan at clare.connaghan@dowjones.com

Stock News for Moodys (MCO)
DateTimeHeadline
08/04/201420:01:01Moody's Says France Will Likely Miss Deficit Target
07/25/201417:59:11Moody's Raises Portugal's Credit Rating -- Update
07/25/201417:31:32Moody's Raises Portugal Credit Rating
07/25/201409:43:08U.S. Hot Stocks: Hot Stocks to Watch
06/26/201416:53:08Peru's Economic Proposals Trigger Environmental Concerns
06/26/201405:19:08Moody's Warns on Australia House Prices
06/23/201406:53:15Moody's: Hungary Court Ruling on FX Loans Credit Could Hurt Banks
06/08/201422:50:40Malaysian Bonds Won't Require Rating From 2017
05/30/201410:25:23Moody's Warns on EU New Banking Rules
04/20/201406:17:33MARKET SNAPSHOT: Long View On Stocks Is Best During Weak Earnings...
02/21/201409:40:08Moody's Offers to Increase Stake in India's ICRA
02/14/201417:53:37Berkshire Reports New Position of 2.95 Million Shares of Liberty...
02/03/201406:42:20Moody's: Turkey's Monetary Tightening Credit Negative for Banks
01/08/201409:10:16ADP Says Private-Sector Jobs Grew in December
01/08/201409:02:17ADP: Private Businesses Add 238K Jobs in December, Above Expectations
11/15/201309:03:11Chilton Investment Co. 3Q 13F: Largest Purchases
11/15/201309:03:09Chilton Investment Co. 3Q 13F: Holdings As Of Sep 30
11/15/201309:03:09Chilton Investment Co. 3Q 13F: Holdings As Of Sep -2-
11/15/201308:50:01Viking Global Investors LP 3Q 13F: Largest Eliminations
11/15/201308:49:57Viking Global Investors LP 3Q 13F: Holdings As Of Sep 30

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