Bari

Prosecutor requests nine-month term for Fitch analyst (2)

Accused of market manipulation in relation to sovereign rating

Prosecutor requests nine-month term for Fitch analyst  (2)

Bari, January 12 - A prosecutor in the southern city of Trani on Thursday requested that a court sentence David Riley, an analyst for the Fitch agency, to nine months in jail for alleged market manipulation linked to Italy's sovereign rating. The prosecutor also requested that Riley, the head of sovereign rating at the time of the alleged wrongdoing, be ordered to pay a 16,000-euro fine. Riley is accused of twice (on January 10 and 17 2012) anticipating the imminent double downgrade of Italy's rating from A to BBB+, officially decided by Fitch only on January 27 that year. In so doing, prosecutors say, he negatively influenced the Italian financial market.

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