A large majority of respondents to a gtnews online poll, held last week on our homepage, think that the recent downgrading of France by Standard & Poor’s (S&P) has hastened the establishment of a European credit raitngs agency (CRA).
Out of 75 votes cast, a large majority consisting of 46 people voted yes to the question: Does the downgrading of France’s AAA rating by S&P on Friday 13 January hasten the likelihood of a separate European credit ratings agency being established?
In the no camp, disagreeing with the viewpoint that S&P’s actions have speeded up the establishment of a European CRA were 16 people, with 13 don’t knows.
The gtnews online poll sparked off a lively debate on twitter and on the open linked in discussion group, with Srinivasan Gopalan, a corporate trainer and IT professional from Chennai in India, commenting that “France probably desires a pliable rating agency”.
This begs the question of course about the pliability or otherwise of the existing CRAs, although Gopalan does add: “I suspect that no credit rating agency in the world really functions without being influenced by someone or other at some stage.” For more comments from corporate treasurers about the need for European CRA or otherwise please visit gtnews’ treasury expert linkedin discussion group.
• The gtnews online poll will become a regular feature on our homepage. This week’s question is: As EU Summit attendees gather in Brussels this week to sign the ‘fiscal compact’ to co-ordinate budgets across the 17 member eurozone, is the end of the crisis now in sight?VOTE NOW
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