The European Securities and Markets Authority this week issued a public notice censuring Standard & Poor’s units in France and Europe for internal control failings.
ESMA cited Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited for breaches of the European Union’s regulations covering credit rating agencies. ESMA said in a statement that it decided to censure the firm following the authority’s investigation into an errant email alert S&P sent out on 10 November 2011. The email alert, sent to subscribers of S&P’s Global Credit Portal, bore the heading “France (Republic of) (Unsolicited Ratings): DOWNGRADE,” although S&P had not in fact downgraded its rating of France.
