The European Securities and Markets Authority has published a report identifying a number of deficiencies in the processes for producing and issuing sovereign ratings at the three largest credit rating agencies, Fitch Ratings, Moody's Investors Service and Standard & Poor's. The report followed an investigation carried out by ESMA into the sovereign rating processes at the three CRAs between February and October 2013. The investigation was prompted by concerns about potential conflicts of interest, the impact of sovereign ratings on other types of ratings, the agencies' capacity to cope with the number of rating actions during a period of high volatility, the use of bulk rating actions, and issues around the confidentiality and the timing of rating actions. The investigation focused on the governance and organisation of sovereign rating activities, the adequacy and expertise of allocated human resources, the disclosure of rating information to the public, and the ensuring of confidentiality before disclosure. ESMA identified deficiencies and issues for improvement in the following areas: independence and avoidance of conflicts of interests confidentiality of sovereign rating information timing of publication of rating actions resources allocated to sovereign ratings. The response by the agencies has been low-key, with S&P, for instance, telling the UK's Financial Times that it was "committed to the highest standards and was continually enhancing its analytics and operations."