Wall Street Journal
October 20, 2011
The European Union's executive is leaning toward proposing a ban on the issuing of sovereign credit ratings for countries in bailout talks, European internal market commissioner Michel Barnier said Thursday.
"I think it's legitimate to have a special treatment when a country is in negotiation or is covered by an international solidarity program with the IMF or a European solidarity [program]," he said.
Mr. Barnier said if the Commission comes to the view that ratings for these countries are inappropriate, "we could ban it or suspend the rating for the necessary time frame...I am studying this matter very seriously."
The EU is set to make a fresh round of proposals on tightening rules for credit-rating agencies on Nov. 9.
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