July 7, 2011 / 2:59 PM / 8 years ago

Juncker says wants European rating agency

BERLIN, July 7 (Reuters) - Eurogroup chairman Jean-Claude Juncker said on Thursday he was in favour of having a European credit rating agency and that it was not right to downgrade countries like Portugal just as they were implementing reforms.

Juncker, joining the ranks of policymakers who have criticised rating agencies, said they would lose relevance if they continued to act like they have been.

European politicians accused credit rating agencies on Wednesday of anti-European bias after Moody’s downgrade of Portugal’s debt to “junk” cast new doubt on EU efforts to rescue distressed euro zone states without debt restructuring. (Reporting by Andreas Rinke, writing Annika Breidthardt)

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