On 11 July 2011, Reding expressed criticism of the power exercised by the three major US credit rating agencies stating that breaking up the big three was an option being considered. This criticism was followed on 25 July 2012 with a statement questioning the timing and motivations behind the US rating agency Moody's comments over European ratings, drawing links with rating announcements in Europe with attempts to divert the attention of the markets from the growing debt mountain and economic difficulties in the US.