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The ESMA, the EU's markets watchdog, finds several shortcomings in the "Big 3" ratings agencies...

The ESMA, the EU's markets watchdog, finds several shortcomings in the "Big 3" ratings agencies during an examination of Moody's (MCO), S&P (MHP) and Fitch (FMLCF.PK), including a lack of transparency, and sets out areas for improvement. The ESMA hasn't yet determined whether the agencies have broken any rules.
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