MAINZ / PARIS (Dow Jones ) – The credit insurer Coface ‘s concrete steps to begin the first international credit rating agency based in Europe.
On 13 July, the service provider in the receivables management submitted its application for approval with the competent Committee of European Securities Regulators, such as Coface announced on Wednesday. Because of the Coface credit insurance business is specialized in the evaluation of companies and could help restore confidence in corporate ratings again , it said.
With the application to the Committee of European Securities Regulators ( CESR) Coface perform the first step to be recognized in Europe as a rating agency. The independent committee is to monitor the agencies responsible for the new application and the first port of call. After examining it hands it to the relevant CESR authorities of the countries that applied for accreditation Coface : France, Germany, Britain, Italy , Spain, Portugal , Belgium , the Netherlands, Poland and Czech Republic . There, the request will be processed in each case . Within the next six months should have them.
"With this step, we come to the political demand for alternatives to the big three agencies , "said Franz J. Michel , CEO of Coface Germany. Political objective of the regulation of rating agencies at European level, it was to provide for more competition in the credit rating market and to facilitate the development of new players with an alternative business model.
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