Credit rating agencies slam sovereign warning proposal

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Credit rating agencies have disparaged European Union (EU) officials' calls for an advance warning on a sovereign downgrade.

At the first meeting of the EU Economic and Financial Affairs and International Trade Sub-Committee inquiry into credit rating agencies and their influence on sovereign borrowing on Tuesday, agency representatives lambasted the idea of giving sovereigns three days' notice of a rating change.

"We have grave concerns about the European Union Commission's proposal to

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