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FSB to Suggest Rating Agency Rules, Frankfurter Allgemeine Says

The Financial Stability Board will suggest rules to limit the influence of credit rating agencies on financial markets by the end of the year, Frankfurter Allgemeine Zeitung said, citing Bank of Canada Governor Mark Carney.

The judgments of rating agencies should be one component of creditworthiness appraisals and the public sector and central banks should take on a leading role, the Frankfurt-based newspaper reported, citing an interview with Carney who is also the FSB’s chairman.

The private sector doesn’t have sufficient capacities to analyze credit and incentives have to be introduced to develop those abilities, Carney said, according to FAZ.

To contact the editor responsible for this story: Nicholas Comfort at ncomfort1@bloomberg.net

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