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Standard & Poor's downgraded the credit ratings of nine euro zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday 13th for the troubled single currency area.
Austria, France, Malta, Slovakia and Slovenia have all been cut by one-notch
Cyprus, Italy, Portugal and Spain have been cut by two notches.
Germany, the Netherlands, Belgium, Estonia, Finland, Ireland and Luxembourg have all seen their ratings affirmed.
5 Euro countries are rated as Junk Bond Status or worse.
- Austria cut by one notch to AA+ Outlook Negative
- Belgium keeps it's AA Outlook Negative
- Cyprus cut by two notches to BB+ Outlook Negative
- Estonia keeps it's AA- Outlook Negative
- France cut by one notch to AA+ Outlook Negative
- Finland keeps its AAA Outlook cut to Negative
- Germany keeps it's AAA Outlook Stable
- Greece keeps it's CCC Debt talks broke down between Greece and its creditors.
- Ireland keeps it's BBB+ Outlook Negative
- Italy cut by two notches to BBB+ Outlook Negative
- Luxembourg keeps it's AAA Outlook cut to Negative
- Malta cut by one notch to A- Outlook Negative
- Netherlands keeps it's AAA Outlook cut to Negative
- Portugal cut by two notches to BB Outlook Negative
- Spain cut by two notches to A Outlook Negative
- Slovakia cut by one notch to A Outlook Negative
- Slovenia cut by one notch to A+ Outlook Negative
- USA keeps it's AA+ Outlook Negative
- Canada keeps it's AAA Outlook Stable
- Mexico keeps it's BBB Outlook Stable
The Dagong Global Credit Rating Company, which lowered the United States to A+ last November after the U.S. Federal Reserve decided to continue loosening its monetary policy, announced a further downgrade to A
The first Western downgrade of US government bonds is a fact! The German credit rating agency Feri lowered its rating on US debt by a full notch, from AAA to AA.
"The U.S. government has fought the effects of the financial market crisis primarily by an increase in government debt. We do not see that there is sufficient attention being paid to other measures, "said Dr. Tobias Schmidt, CEO of Feri Rating & Research AG. "Our rating system shows a deterioration in economic health, so the downgrading of the credit ratings of U.S. is warranted."
For the third consecutive year the deficit of the United States is in double digit percentages relative to gross domestic product (GDP). "Deficits of such magnitude are not a sustainable fiscal policy. We would reconsider the rating when the U.S. government creates a long-term sustainable budget," said Schmidt. German press release: Feri Downgrades US Gov Debt AAA to AA
S&P Downgraded US Credit to AA+ | AP (http://finance.yahoo.com/news/SampP-downgrades-US-credit-apf-2107320979.html - broken link)
Quote:
S&P said that in addition to the downgrade, it is issuing a negative outlook, meaning that there was a chance it will lower the rating further within the next two years. It said such a downgrade, to AA, would occur if the agency sees smaller reductions in spending than Congress and the administration have agreed to make, higher interest rates or new fiscal pressures during this period.
"The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics"
Fitch said that it “projects that US government debt, including debt incurred by state and local governments as well as the federal government, will reach 100% of GDP by the end of 2012, and will continue to rise over the medium term - a profile that is not consistent with the United States retaining its 'AAA' sovereign rating.â€
Problem is there's nowhere else to go at the moment but the Dollar...
ECB is just getting started on what will be massive QE that took the Euro down big time...
If you were a European and you thought the Euro was gonna get weaker or collapse, the Dollar Treasury Bonds and our stock market would look pretty good...
I've been happy to sell to em
Most markets are down big except for ours, that $$$ that came in will go where it's treated best eventually and likely that wont be here...
Besides the insolvent banks know they need to crash the market to get our QE 3 scam going...
Last edited by Earlyretired; 01-13-2012 at 08:40 PM..
Problem is there's nowhere else to go at the moment but the Dollar...
ECB is just getting started on what will be massive QE that took the Euro down big time...
If you were a European and you thought the Euro was gonna get weaker or collapse, the Dollar Treasury Bonds and our stock market would look pretty good...
I've been happy to sell to em
Most markets are down big except for ours, that $$$ that came in will go where it's treated best eventually and likely that wont be here...
Besides the insolvent banks know they need to crash the market to get our QE 3 scam going...
Got physical Gold and Beans and Bullets, Im looking for land in the hills
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