The three major credit rating agencies, Moody's Investors Service, Standard & Poor's and Fitch Ratings, are facing increased scrutiny in the EU, prompting calls for the creation of an agency backed by the EU. However, analysts and money managers said an EU-sponsored credit rating agency could have difficulty convincing investors of its independence in assessing government finances and its ability to signal future debt crises. "A government-owned ratings agency that was rating sovereigns would have an uphill struggle in building credibility in the market," said Toby Nangle at Baring Investment Services.

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