Coface intends to become the first global European rating agency and to contribute to restore confidence in corporate ratings.  Coface announced to file its accreditation request with the CESR (Committee of European Securities Regulators) as a rating agency specialised in corporations, for its 10 rating agencies in Europe.

Coface claims will offer an alternative business model to the traditional three rating agencies (one of which is owned by a French Holding Company FIMALAC), as well as a response to the issues concerning independence and responsibility which currently place the rating agencies at the heart of the actual debate on ratings.   Coface states that an accreditation would contribute towards restoring confidence in ratings and removes the conflict of interest by not charging the issuer for the rating.   To read the Coface press release click on the link:

BIIA Newsletter September I – 2010 Issue