Italian prosecutors have compiled a controversial case against Fitch Ratings for allegedly issuing “false and unfounded judgements” against Italy, the latest move in an escalating judicial campaign against “Anglo-Saxon” credit agencies. Michele Ruggiero, a prosecuting magistrate in Trani, completed a preliminary inquiry against Fitch last week for alleged “market manipulation”, according to reports in the Italian press. Il Sole said prosecutors were pushing for a criminal case against Fitch’s managing director David Riley and Alessandro Settepani, the group’s covered bond chief for southern Europe. Fitch declined to ... (full story)