Credit rating agencies 'not to blame' for debt crisis

Credit rating agencies should not be blamed for intensifying the debt crisis in Europe, according to a House of Lords committee.

The Lords European Union Economic Affairs Committee said the downgrades have been accurate and reflect the seriousness of the high levels of eurozone debt, reports the Telegraph. Credit rating agencies have come under fire for unsettling markets through their respective downgrades and there have been calls from the European Union to suspend ratings for bailed out countries. However, the committee said a suspension of certain countries' ratings would be "wholly impractical". "The recent downgrades merely reflect the seriousness of the problems facing countries such as Ireland, Portu...