The French company Coface challenged the U.S. ratings agencies
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U.S. rating agencies are numbering their monopoly days. Until the end of this year French insurer Coface is going to start its activity as the first international rating agency in Europe. European competitor will act contrary to the “Moody's”, “Standard & Poor's“ and „Fitch”: not just companies but also users will pay for the ratings; reports “RBC daily”.
“Coface” has already applied to the Committee of Europe Securities Regulators (CESR) for permission to work as a rating agency in ten European countries: Germany, France, Great Britain, Italy, Spain, Portugal, Belgium, Netherlands, Czech Republic and Poland.
“This is our answer to politicians' requirements to create alternative to the three major agencies”, - claimed Mr. Franz Michel – general manager of Coface Germany.
If “The big 3” mostly rates just financial institutions, the “Coface” rates only the companies and uses the alpha system from AAA to D, as “Moody's”, “Standard & Poor's“ and „Fitch” do.
“Coface” is planning to act as the International rating agency in Europe during the next six months.