Plans are being discussed to set up a proper European rating system in as a counterpart to the US rating agencies. European Union officials and euro central bankers are mad at S&P, Moody's and Fitch because of the extreme downgrading of Greece by these agencies. European officials feel that the downgrading was not justified.
Irrespective of the current concrete situation, it is high time that the US rating agencies get competitors. The US rating agencies have performed extremely poor over the past years, well, decades. In fact, in may cases their "rating" was a bad joke.
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