Italy tax police at Fitch Milan offices: prosecutor

Reuters News
Posted: Jan 24, 2012 7:14 AM

MILAN (Reuters) - The Italian tax police was in the offices of ratings agency Fitch in Milan on Tuesday to carry out checks ordered by prosecutors investigating rival agencies Standard & Poor's and Moody's, a senior prosecutor told Reuters.

"Men from the financial police are at Fitch in Milan," said Carlo Maria Capristo, chief prosecutor in Trani.

The Trani prosecutors are investigating possible crimes of market manipulation and illicit use of privileged information when Standard & Poor's downgraded Italy earlier this month.

As part of the same probe, they are also investigating the impact reports by Standard & Poor's and Moody's on Italy and its banking system had on markets and whether any crimes were committed.

(Reporting by Sara Rossi)