Fitch Ratings has called on industry trade bodies to take the lead in creating a public market for leveraged loans in a contrasting move to rival Standard & Poor’s direct efforts to stimulate the European debt market, which last week hit a new low in the wake of dramatic events in the financial sector.

Fitch’s rival S&P is implementing plans to increase transparency for larger loans, which include refusing to provide credit estimates to loans of larger than €1bn ($1.5bn).