S&P welcomes EU ratings legislation

S&P says the initiative should play an important role in building confidence in credit ratings and markets in the region and reassure investors about the quality and integrity of ratings. President, Deven Sharma, says: "Formal oversight by securities regulators in the EU of ratings firms' policies and processes - combined with the ongoing intensive scrutiny of credit ratings by the market - will mean more transparency and accountability for ratings providers, and greater confidence in ratings." He says S&P had already adopted a range of its own measures to enhance the transparency, inde...