Financial police in Milan carried out checks in a local office of rating agency Standard & Poor's, the ANSA news agency reported on Thursday.

An investigation started by prosecutors from Trani, in southern Italy, was reportedly underway against ratings agencies S&P and Moody's, which are accused of market manipulation with "false, unfounded or otherwise imprudent judgments" on the Italian economic and financial system and banks.

Six people, including three analysts from Standard & Poor's, one from Moody's in addition to two persons who are legally responsible for the two agencies in Italy, are being investigated, the report said.