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EU watchdog fines Moody's for credit ratings breaches
June 1, 2017 / 8:15 AM / 4 months ago

EU watchdog fines Moody's for credit ratings breaches

LONDON, June 1 (Reuters) - The European Union’s markets watchdog has fined Moody’s 1.24 million euros ($1.39 million) for breaches of the bloc’s credit ratings rules.

The European Securities and Markets Authority (ESMA) said Moody’s German and UK units “negligently committed two infringements of the Credit Rating Agencies Regulation regarding their public announcement of certain ratings,” ESMA said in a statement on Thursday.

The second infringement was over public disclosure of methodologies used to determine those ratings.

The failures relate to 19 ratings issued between June 2011 and December 2013 for nine international bodies, including the European Investment Bank, the European Investment Fund, the European Stability Mechanism, the European Financial Stability Facility, and the European Union.

Moody’s in Germany and Britain have a right of appeal.

$1 = 0.8905 euros Reporting by Huw Jones

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