Trani

Lazio Audit Court court probes rating agencies

Estimated 120bn euros damage through alleged market manipulation

Lazio Audit Court court probes rating agencies

(see related story on site). Trani, November 12 - Lazio's Audit Court has opened an investigation into alleged market manipulation by two international rating agencies and has estimated damages to the Italian Treasury at 120 billion euros, the chief prosecutor in the southern Italian city of Trani said on Monday. Trani Prosecutor Carlo Maria Capristo also announced on Monday that prosecutors there had requested indictments for top management at Standard & Poor's and Fitch agencies in a parallel investigation. Standard & Poor's called the Trani prosecutors' accusations "totally unfounded" on Monday, and added that the agency will continue to work "without fear".

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