The Bank of England, Treasury and FSA have sent a response to the Commission on its proposals on Credit Rating Agencies (CRAs). They say reform should focus on key priorities that address instability associated with credit ratings. They also stress the Commission should take account of international initiatives to reduce over-reliance on credit ratings. The response also explains the UK authorities' view that businesses should apply better risk management practices and highlights the need for due diligence. The response also contains suggestions for improving competition while not jeopardising the quality of ratings. (Source: The United Kingdom authorities' response to the European Commission internal market and services consultation document on Credit Rating Agencies)