Darling censures rating agencies

UK chancellor Alistair Darling has joined growing calls for a probe into the role that credit agencies have played in the world financial crisis.

Mr Darling called for "international action" to review the regulation of the agencies and banking systems.

The agencies have been criticised for giving upbeat assessments of investments which turned out to be linked to risky home loans in the US.

Because of heavy losses on these deals, there is less willingness to lend cash.

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