European Rating Agency Plan Founders on Lack of Financing
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An effort to establish a new global ratings firm to challenge Standard & Poor’s Ratings Services, Moody’s Investors Service and Fitch Ratings has foundered after the initiators failed to obtain the 300 million euros ($393 million) needed to get the project off the ground.
Negotiations with a private European group of investors ended without agreement, putting an end to the project to found the European Rating Agency, Frankfurt-based Chief Executive Officer Markus Krall said in an e-mailed statement today.