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IMF warns against rating agencies after Spain downgrade

Rating agencies should not be “believed too much,” International Monetary Fund chief Dominique Strauss-Kahn said on Wednesday after Greece, Portugal and Spain’s credit ratings were cut.

Agencies like Standard & Poor’s “are reflecting what they are collecting in the market…. One should not believe too much what they say, even if they are useful,” Strauss-Kahn told reporters in Berlin.