Proposed EU law targets some powers of rating agencies

The European Commission has put forward stricter rules for the credit rating agencies that rank countries' and companies' debt.

It says the agencies, including Standard & Poor's, Moody's and Fitch, should follow stricter rules, be more transparent about their ratings and be held accountable for their mistakes.

Agencies' reports help investors to judge borrowers' creditworthiness.

Nigel Cassidy reports.