We all are responsible for statements and assessments we make. We must be very careful when making them public especially when they can influence reputation of a country. Italy's government intends to investigate the leading world rating agencies – Standard&Poor's, Moody's Investor Service, and Fitch Ratings. According to the Corte dei Conti, Italy's main public audit body, the agencies' experts may have illegally cut Italy's sovereign debt rating during the economic crisis in 2011. As the Italian authorities say, these mistakes cost the nation multi-billion amounts, as investors across the globe take such information on ratings very seriously. Credit rating agencies caused damages of €234bn, in part by failing to consider Italy’s rich nature and cultural history when downgrading the country. The Corte dei Conti wrote: “S&P never in its ratings pointed out Italy’s history, art or landscape which, as universally recognized, are the basis of its economic strength.” The response did not keep the Italian officials waiting. S&P dismissed the claim as “frivolous and without merit”. Also the agency said that the Corte dei Conti does not have powers to investigate such organizations, it only controls the country's officials and government. A spokesman for Moody’s also said the allegations were without merit. Only Fitch Ratings said it would co-operate with the probe. Fitch emphasized that at all times it acted appropriately and in full compliance with the law. A similar claim was raised in late 2013 when the European Securities and Markets Authority issued a warning to “Troika” of international lenders against their action during the crisis such as delays in publication of ratings and a possible information leak, the result of which was a conflict of interest.
