Canadian rating agency DBRS usually leads a shadowy existence in public perception. Unlike its big U.S. rivals Moody’s or Standard & Poor’s, only specialists are aware of its existence.
But for Europe these credit assessors from Toronto will determine whether the euro zone’s debt crisis has flared up again or not. This circumstance is shining a bad light on the state of the European Union and the previous attempts to curb the sovereign debt crisis that began in 2010 with the Greek crisis.
After stock markets closed on Friday, the Canadian rating agency lowered Italy’s credit rating from “A” to “BBB” – the last of the major rating agencies to do so.