At the behest of the Procura of Trani Italian Treasury police raided Standard & Poor's offices in Milan today on a longstanding investigation on suspicion of manipulating the market, abuse of privileged information, and elaboration and diffusion of fallacious judgements. The initiative was undertaken after several denunciations by consumer groups. Their complaint alleged that both Moody's and S&P based their judgements on information on financial manoeuvres that had yet to be presented or discussed in government venues. Further, both agencies released their judgements while the markets were open, provoking significant losses. The incriminating facts date from May to July 2011.

According to indiscretions the investigation has now been extended to the S&P's recent declassification of Italy.

S&P expressed consternation and surprise over the search warrant and replied that the accusations were without merit.

The Procura of Trani has also conducted further investigations concerning the subsistence of requirements and conditions that would permit those agencies to rate "Italian entities."

Reportedly an analogous investigation has been undertaken by the Procura of Milan as of last November.

Sources: la Repubblica, la Stampa, Sole 24Ore, Corriere della Sera.