Ratings Agency Set to Downgrade France

[marmar]

from Der Spiegel:



In a major setback for euro rescue efforts, reports on Friday emerged that ratings agency Standard and Poor's was likely set to downgrade the credit ratings of France and other European Union nations. Following the news, the value of the euro fell sharply.

After making threats in December, ratings agency Standard & Poor's is now gearing up to downgrade the credit ratings of triple-A rated France and other euro-zone nations, media reports said Friday.

A government source told French TV that France would be downgraded, while another unnamed source said that Slovakia was next on the list. Germany, the euro zone's largest economy, along with the Netherlands, Belgium, and Luxembourg would be spared, according to unnamed European Union officials in Brussels.

S&P had already put 15 of the 17 euro-zone countries -- including its largest and best-rated economies Germany and France -- on credit watch negative. Amid the ongoing euro crisis, "systemic stresses" were mounting, the US-based ratings agency said at the time. ...............(more)

The complete piece is at: http://www.spiegel.de/international/europe/0,1518,809036,00.html

[xchrom]

1. du rec. nt

[dipsydoodle]

2. In the past half hour they've downgraded another 8 countries.

shit say hello to fan.

It also appears possible that the Euro bailout fund itself will be downgraded on Monday.

[unblock]

3. so far behind the curve. as if they're telling us something we don't know!