Bloomberg News

Nowotny Says S&P’s Rating Action Was ‘Politically Motivated’

December 06, 2011

(Updates with Nowotny quote in second paragraph.)

Dec. 6 (Bloomberg) -- European Central Bank Governing Council member Ewald Nowotny said Standard & Poor’s was “politically motivated” when it said it may downgrade 15 euro area countries.

“The timing and the scope of this warning has a clearly political context -- a rating agency has entered the political arena,” Nowotny said at a conference in Vienna.

“I would consider it problematic if politics would set is priorities based on what rating agencies ask it to do, politics has to set its own priorities,” he said.

--Editor: Zoe Schneeweiss

To contact the reporters on this story: Boris Groendahl in Vienna at bgroendahl@bloomberg.net; Jonathan Tirone in Vienna at jtirone@bloomberg.net

To contact the editor responsible for this story: Zoe Schneeweiss at zschneeweiss@bloomberg.net


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