Fitch subsidiaries in Britain, France and Spain were indirectly owned by an individual sitting on boards of three companies it rated
Fitch Ratings office in London, the UK. Picture: REUTERS/REINHARD KRAUSE
LONDON — The European Union's markets watchdog has fined credit rating agency Fitch a record €5.13m for breaching rules aimed at avoiding conflicts of interest. The European Securities and Markets Authority said on Thursday that, between June 2013 and April 2018, 20% of Fitch subsidiaries in Britain, France and Spain were indirectly owned by an individual through an entity in France.
At the same time the shareholder, which ESMA does not name, was sitting on boards of three entities being rated by the three subsidiaries of Fitch. Fitch is owned by US publisher Hearst after buying stakes from France's Fimalac. It is one of the"Big Three" credit ratings agencies that dominate the sector globally.
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