Commission surprised by timing of ratings warning

(BRUSSELS) - The European Union's internal markets chief voiced surprise on Tuesday that Standard & Poor's threatened to downgrade the debt of eurozone nations before EU leaders hold a crisis summit this week.

Michel Barnier sought to downplay the importance of opinions issued by credit rating agencies but he said S&P should have waited until after the results of the Thursday-Friday summit to deliver a verdict.

"These assessments came three days before the European Council, instead of afterwards to evaluate the impact (of the summit decisions)," the European Union commissioner told reporters.

S&P placed on Monday the debt of 15 eurozone states, including the six that enjoy a triple-A rating, under "negative" watch, implying that their credit scores were at risk of downgrades.

"It's an assessment and opinion among others," said Barnier, who last month prsented plans to regulate ratings agencies, which have come under heavy criticism over their role in the eurozone crisis.

"What matters with regards to the agencies is that the framework under which they operate is rigorous, objective, transparent and shielded from any conflict of interest," he said.