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May 16, 2010

KPMG and PwC consider credit rating

KPMG UK and PricewaterhouseCoopers UK have revealed they are considering entering the credit rating business.

Leading credit rating agencies have been heavily criticised during the financial crisis and accountancy firms believe credit ratings provide an opportunity for audit firms, which have the appropriate knowledge and skill, the Financial Times has reported.

KPMG UK chairman John Griffith Jones, who spoke to the Financial Times, conceded that conflict of interest concerns could make it impractical for audit firms to offer credit rating services.

But he suggested that if there is demand for another strong credit ratings player to provide an alternative to the current dominant trio – Moody’s, Standard & Poor’s and Fitch – audit firms could fill that gap.

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