An Italian court has acquitted credit ratings agency Standard & Poor's and five of its former and current managers of market manipulation charges relating to past downgrades of the country's sovereign debt, a judge said today.
Agencies like S&P have come under fire in Italy for a series of cuts to ratings in 2011 and 2012 which piled on further pressure after financial and political jitters sent borrowing costs soaring.
Judge Giulia Pavese read the ruling in a courtroom in the city of Trani, in southern Italy.
She also announced the acquittal of an analyst at competitor ratings agency Fitch in a similar case.
Trani prosecutors alleged that agency reports and ratings moves on Italy and its banking system were mismanaged during the debt crisis, provoking sharp losses on Milan's stock market.
S&P, which had maintained that none of the accusations were backed up by proof, welcomed the acquittal.
It said in an emailed statement that the company and its employees had "now been granted the justice they deserve".
Prosecutor Michele Ruggero had sought jail sentences of between two and three years and fines of up to €500,000 for the officials, and a €4.6m fine for the agency.
"We did everything we could. Now we will wait to read the court's reasons for the verdict and decide whether to appeal or not," Mr Ruggero said today.
