The European watchdog expects the investigation of Standard & Poor’s (S&P), Fitch and Moody’s Investors Service to finish by the end of the year.
Moody’s had downgraded 15 global banks in June 2012 while S&P had downgraded 15 of the top 37 global banks in November 2012 after having changed its methodology.
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Maijoor remarked that the mass downgrades, such as Moody’s change of stance on 15 global banks last month, has raised concerns about whether there are sufficient analytical resources at the ratings agencies.
Further, he added that Esma was not attempting to influence the ratings, rather only asking enquiring whether the choices made by them made economic and logical sense.
Meanwhile, S&P has told FT that it is looking forward to explain the steps it had taken to maximise the transparency, quality and consistency of its bank ratings.
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