Members of the European Parliament (MEPs)  voted on new non-legislative rules for credit rating agencies ahead of the European Commission's anticipated legislative proposals to further regulate credit rating agencies (CRAs).

The new rules call for more transparency on how CRAs determine sovereign ratings, and requires them to explain their methodologies and why their ratings deviate from the forecasts of the main international financial institutions. It also demands that the effects of ratings on increased spreads be analyzed.

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