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NewsMay 27 2010

Move into credit ratings 'plausible', says KPMG

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KPMG is considering a move into the credit rating business at a time that the major credit rating agencies are being heavily criticised.

John Griffith-Jones, chairman of KPMG UK and co-chair of KMPG Europe, has said: "It is something that we talk about as a plausible thing to do. It is effectively something we would be proficient at doing. But it's not on the agenda at the moment."

Other accountancy firms are also looking at possible moves from auditing to offering credit ratings. Richard Sexton, head of assurance at PricewaterhouseCoopers in the UK, said the firm continually looks to expand its business from its "core skills that include assurance, opinions and underpinning public trust".

The EU has expressed the idea of creating its own agency and the US Senate has voted to impose tighter regulations on credit rating agencies - both in a move to encourage new entrants into the market.

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