EU Executive Confirms Review of Credit Agency Code

The European Commission will review a voluntary code used by credit rating agencies as they appeared too slow in warning about problems in the U.S. subprime mortgage sector, a spokeswoman said on Thursday.

The announcement confirmed a report by Reuters and others earlier in the day.

"The Commission is going to be looking at the issue of credit rating agencies, particularly as they relate to rating of structured products," Commission spokeswoman Antonia Mochan told a regular news briefing.