LONDON (Reuters) -The European Union’s securities watchdog has fined S&P Global Ratings Europe 1.1 million euros ($1.19 million), after finding the ratings company had published a number of credit scores before the relevant securities had been issued.
The European Securities and Markets Authority (ESMA) also issued a public notice for breaches of credit rating agencies regulations.
“Publishing a credit rating before the issuance of the rated securities may result in harm to the issuer, to investors and more generally to the orderly functioning of the financial markets,” said ESMA chair Verena Ross.
S&P, which can appeal against the decision, had no immediate comment.
($1 = 0.9234 euros)
(Reporting by Huw Jones and Andres GonzalezEditing by David Goodman)
