Italian prosecutors have filed charges against Deven Sharma, the former president of Standard & Poor's, and six other credit rating officials for issuing downgrades that destablised the country and fuelled the debt crisis.


More than 60 cases against the agencies are thought to have been filed around the world following the financial crisis but none with much success.

A breakthrough came three weeks ago when an Australian court ruled that S&P misled 12 councils in Australia by awarded a AAA rating to derivatives products created by ABN Amro which imploded less than two years after they were sold.

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