November 10, 2011 / 6:57 PM / in 6 years

France demands European inquiry into S&P error

PARIS, Nov 10 (Reuters) - French Finance Minister Francois Baroin on Thursday demanded an inquiry by France’s AMF securities regulator and the European Securities and Markets Authority into an erroneous message sent by ratings agency Standard & Poor’s suggesting France’s credit rating had been changed.

“Francois Baroin...has asked the relevant regulators (the European financial markets authority and the Financial Markets Authority) to conduct an inquiry into the causes and possible consequences of this error,” the ministry said in a statement.

S&P said that as a result of a technical error a message was automatically disseminated to some of its subscribers suggesting that France’s credit rating had been changed. It clarified that France’s rating remained ‘AAA/A-1+’ with a stable outlook, and the incident was not related to any ratings surveillance activity.

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