12/12/2013 (Agence Europe) - S&P says bank assessments will have little impact on credit ratings. Credit rating agency Standard and Poor's says: “We believe the comprehensive assessment will likely be seen by market participants as more credible and effective than the previous set of stress tests in the eurozone, which the EBA conducted and that were criticised for being undermined by political influence. We think this is unlikely to reoccur, given the greater statutory independence and authority of the ECB”. If the assessments reveal unexpected weaknesses, then it would, of course, be possible that the score of one of the 79 banks rated by S&P (of the 124 being tested) might change. S&P says that banks will have enough time to consoldate their position before the ECB and EBA test results are published. S&P recommends the setting up of credible public backstops to cover any capital shortfalls. (EL/transl.fl)