German banks wrote to Standard & Poor’s complaining about the rating company’s fee increases, calling them no longer acceptable and non-transparent, Financial Times Deutschland reported today, without saying where it got the information.
The letter is also meant to be a signal to Moody’s Investors Service and Fitch, which follow a similar pricing policy, FTD said. Moody’s, Fitch and S&P control 95 percent of the German market. Banks that will face higher fees might be entitled to stretch those over several years, FTD wrote.
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