State of member state finances not taken into account by Ratings Agencies.

Generaldirektion Wirtschaft und Finanzen hat geantwortet, dass Sie eine andere öffentliche Körperschaft kontaktieren müssen.

Dear Economic and Financial Affairs (ECFIN),

Under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the following information:

Documents relating to the economic state of country finances which the EU believes rating agencies such as S&P have not taken into account with regards to the recent downgrades of France, Italy and Spain.

Yours faithfully,

Andreas Pavlou

Generaldirektion Wirtschaft und Finanzen

Ares(2012)89845

Dear Sir,

Thank you for your request for access to documents.

As your question is quite imprecise and does not refer to any specific document, it is difficult to give you a sensible answer. If the request is purely on our budgetary surveillance, we will refer to our forecast and SGP webpages, where all formal documents are published.

Here is the link: http://ec.europa.eu/economy_finance/publ...

On rating agencies, it is not clear at all to us what criteria they have taken into account and what not. As far as we know (but we may be mistaken), rating agencies do not disclose their exact criteria, so it is not possible for us to spell out in detail what they forgot and what not.

We hope these information will help you.

Yours faithfully;

Christophe Houyoux

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Dear Economic and Financial Affairs (ECFIN),

Thank you for your reply.

I am referring to the statement made by Olivier Bailly when he said rating agencies are "not taking into account analyses of countries in programs". What are these analyses? Can you send the documents of these analyses or the points that are 'not taken into account'. Or can you clarify what he meant?

Many thanks,

Andreas Pavlou

Generaldirektion Wirtschaft und Finanzen

Dear Mister Pavlou,

As Mister Bailly is from another Direction (Communication), I would suggest to send your request to DG Comm.

I think that it will be easier for DG Comm to answer your request.

I hope this will help you

Best regards

Christophe Houyoux

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