Trani prosecutors close Italian investigation against Fitch

Prosecutors from Trani, a small town in southern Italy, have closed today the investigation against Fitch, Paris-based rating agency under investigation for downgrades on Italy announced between 2010 and 2012 that triggered a sell-off of Italian assets.

According to Elio Lannutti, chairman of consumer association Adusbef which launched the investigation, prosecutors confirmed charges against two analysts at the firm, David Riley and Alessandro Settepanni and their lawyer.

Both analysts were investigated for the manipulation of financial information, aggravated by Fitch’s advising contract with the Italian Treasury.

According to Lannutti, part of the acts collected during the investigation will be transferred to US authorities who are investigating the agency against the same crimes.

Over the last weeks, Trani prosecutors confirmed the end of an investigation lasted several months on Standard & Poor’s and Moody’s.

Five employees of Standard & Poor’s have been charged with alleged misconduct.

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