OREANDA-NEWS.   Fitch welcomes the recent dismissals by the Public Prosecutor in Milan and the relevant Milan Court of the cases against Fitch Italia S.p.A. and its Country Head, Alessandro Settepani.

Ian Linnell, Global Analytical Head, Fitch Ratings, said: "We have always believed that this case was without merit, we put our full trust in the Italian Justice system and we are pleased with the decisions. Fitch has always believed the company and its employees acted in full compliance with EU regulation and Italian Law at all times and this decision confirms we communicated transparently, objectively and professionally with all market participants. Fitch has maintained a very open and constructive dialogue with the relevant authorities in Italy and we are pleased that our dialogue has led to clarification, and the ultimate dismissal, of these two cases brought against us."

He added: "We continue to put our full trust in the Italian Justice system. We continue to believe that the case against the remaining defendant, David Riley, is without merit and will be dismissed in the course of these proceedings."

The cases against Mr Settepani and Fitch Italia were initiated in Trani following an investigation into alleged market manipulation by the Fitch parties as a result of public statements made by senior Fitch representatives in January 2012 on a potential downgrade of the sovereign rating of the Republic of Italy given the pending Rating Watch Negative on the Republic itself publicly announced in December 2011.