Euro Rating Agency Gets Financial Backing

May 2, 2012 by · Leave a Comment
Filed under: International 

Reuters reports Markus Krall, a partner at Roland Berger Strategy Consultants, as saying, “Following intensive talks conducted across Europe, a number of financial companies have now agreed to support the establishment of a global rating agency of European origin.”

Mr. Krall anticipates that they will soon be concluding fundraising and beginning “operational realization”.

Mr. Krall will be resigning his senior position with Roland Berger to become the founding chief executive of the new agency.

During the Eurozone debt crisis, the American rating agencies, Fitch, Standard & Poor’s, and Moody’s were criticized by Europeans for being too quick to cut sovereign ratings despite bailouts and austerity measures.

The Bertelsmann Foundation is also attempting to launch a non-profit rating agency that would use a yet-to-be-developed model for rating sovereign debt.

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