The European Commission has claimed it has secret information about the positive state of EU countries' finances, following a shock downgrade of core member states.
Commission spokesman Olivier Bailly made the statement at a regular press briefing in Brussels on Monday (16 January), two days after US-based agency Standard & Poor's downgraded nine EU countries, including France.
"We have more information than the ratings agencies and we think there are elements missing in their analysis ... We have monthly updates from member states. We share this information on a confidential basis. The ratings agencies do not have this information," he said. Bailly noted the S&P decision was "very odd as far as timing is concerned ... indeed [it was] a strange timing."
Whether or not his comments reassure investors remains to be seen. But rival ratings agency Moody's on Monday went against S&P and kept its triple-A rating on France unchanged.
For more: EUobserver.com / Economic Affairs / EU commission: 'We know better than ratings agencies'
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