Europe seeks to free itself of US credit rating agencies.
When it comes to rating sovereign bonds, that is still done almost exclusively by the three major rating agencies — Standard & Poor’s, Moody’s and Fitch
Private companies ruling, bankrupting countries, then rating them.
That is something that European politicians have long wanted to change, and there have been repeated calls to set up an independent European rating agency. Now the European Union is working on its proposal for what such an agency could look like.