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S&P censured over its French ratings cut error

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Standard & Poor's - Rise of Eurosceptic parties could hit EU nations’ credit ratings.

Standard & Poor's - Rise of Eurosceptic parties could hit EU nations’ credit ratings.

Standard & Poor's - Rise of Eurosceptic parties could hit EU nations’ credit ratings.

STANDARD & Poor's was censured by the European Union for a mistake in 2011 that led to it incorrectly announcing a cut in its rating for France's sovereign debt.

The European Securities and Markets Authority (ESMA) said the "incident was the result of a failure by S&P to meet certain organisational requirements" of EU law.

ESMA said that S&P wouldn't face further action beyond the public censure.

"We welcome ESMA's finding that there was no intent or negligence on S&P's part," Martin Winn, a S&P spokesman said. (©Bloomberg)

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