EU Commission has concerns about credit rating agencies

BRUSSELS, March 30 (Reuters) – The European Commission said
on Wednesday it had some doubts and concerns about how credit
rating agencies function, but said it had no comment on
individual credit ratings of countries.

Rating agency Standard & Poor’s downgraded both Portugal and
Greece on Tuesday, further undermining financial market
confidence in the countries’ abilities to meet their debt
obligations. Moody’s and Fitch have also downgraded EU members
in the past.

The Commission, the EU executive, said Greece was doing all
it could to implement a fiscal adjustment programme agreed with
the European Union and the International Monetary Fund and said
“things are going well”.

EU Commission has concerns about credit rating agencies