Moody's and S&P's report today to Consob

The Italian representatives of Moody's and Standard & Poor's are expected at Consob this afternoon. The Vegas call purports to clarify the criteria chosen by the agencies as regards the methods and timing adopted in the dissemination of the latest reports on Italy.
Reference is made to the S&P note on the government's corrective maneuver which was deemed ineffective due to “Italy's weak growth prospects”. Consob demands explanations as to why the agency gave its ruling when the markets were still open and above all before the publication of the definitive text.
A clarification is also expected from Moody's regarding its decision of 23 June to evaluate the downgrade of 16 Italian banks. The day following the declaration, Piazza Affari had fallen into a panic: with a general increase in volatility, sudden collapses of securities and a massive wave of sales on all bank stocks, which led to the final closure of the Ftse Mib at -1,61% .
Consob has also asked ESMA, the European market safety authority, to take care of the matter, which should express its opinion this week.