Credit rating agencies Moody's, Standard & Poor's (S&P) and Fitch have been told to improve internal processes or face possible enforcement from the European Securities and Markets Authority (ESMA). A hard hitting report flowing from the first examination of the credit rating market by the regulator found the companies were deficient in seven areas. These included staffing levels, transparency, internal control functions and the length of time dedicated to making ratings decision. The report will come as a major concern to the three agencies. However, it should offer some cheer to national Governments, ... (full story)