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Denton Wilde Sapte on credit ratings issued by agencies
As the United States House Oversight and Government Reform Committee examines the causes of the current financial crisis, fingers are being pointed at the credit ratings issued by agencies such as Moody's, Standard & Poor and Fitch. Denton Wilde Sapte Capital Markets partner David Cohen comments: "The strength of feeling against rating agencies is understandable - what is the value in a rating if it only works in the good times and, even then, may have been based on inaccurate assumptions? Trust in the rating system for structured products has evaporated - what rating would you give a rating agency now? But the market should not be using the rating agencies as a scapegoat for all their problems. Was it right for investors to use the rating as a substitute for their own analysis and diligence? How much pressure did the underwriters put on the raters to come up with the "right" rating? In the best of all possible worlds, participants in the market should take the time to deconstruct the rating system and come up with their own ideas about how to put it back together again. However, it looks like they may have missed their opportunity to do so." Financial Markets and Regulation partner Robert Finney adds: "It won't all be left to market participants - the issues of agencies' compliance with IOSCO's 2003 'Code of Conduct Fundamentals for Credit rating agencies' and the potential introduction of a licensing and supervision regime have shot to the top of the EU's financial regulatory agenda, along with its proposals earlier this month to update the EU's Basel 2-based bank capital requirements. In EU Commissioner McGreevy's view 'self regulation [of CRAs] has not worked'.". The Debt Capital Markets practice and Financial Markets and Regulation Group (FMRG) at Denton Wilde Sapte LLP are well-placed to comment on these developments. FMRG has extensive UK and international regulatory experience, including advising many clients on Basel 2 and implementation of the EU's MiFID and Capital Requirements Directives, whilst the Debt Capital Markets practice has advised on bond issues and other forms of debt raising in jurisdictions around the world. Clients speaking to the Chambers UK guide say well-reputed Robert Finney is "hugely knowledgeable", whilst David Cohen is ranked in the Legal 500 UK guide as a "highly-rated" lawyer, and highlighted for his advice on the Government of Ghana's US$750m debut bond issue.
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