The European Commission (EC) announced a new set of legislative proposals on credit rating agencies (CRAs) that appear weaker than those already in place in the U.S. They also don't go far enough to promote transparency, Royal Bank of Scotland (RBS) analysts said.

The proposals would require every rated bond to have two ratings. Issuers have plenty of options given that the registration process for rating agencies over the last two years has become increasingly more simple.

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