Anna Glypta Posted January 14, 2012 Share Posted January 14, 2012 It seems Britain is fast becoming the investors safe haven of choice as yet more European economies get the thumbs down. http://www.bbc.co.uk/news/business-16552623 France has lost its top AAA credit rating from Standard & Poor's and eight other eurozone governments have also been downgraded by the ratings agency. Italy, Spain, Cyprus and Portugal were cut two notches, with the latter two given "junk" ratings. Germany kept its AAA rating, and with a stable outlook. S&P blamed the failure of eurozone leaders to deal with the crisis, or even diagnose its causes correctly. Rumours of S&P's move prompted stock markets to fall earlier in the day. Misdiagnosis Austria, like France has lost its top AAA rating, and been downgraded to AA+. Its economy exports a lot to recession-struck Italy, while its banks are facing losses on subsidiaries they own in financially troubled Hungary. S&P's rating of Italy - currently at the epicentre of the crisis - has been cut two notches from A to BBB+. Spain was also cut two notches from AA- to A, as was Portugal, whose rating fell from BBB- to a "junk" rating of BB - indicating a very high level of risk for lenders. Link to comment Share on other sites More sharing options...
Phanerothyme Posted January 14, 2012 Share Posted January 14, 2012 Didn't S&P give AAA ratings to vast pools of toxic debt, which started the whole financial meltdown back in 08? Link to comment Share on other sites More sharing options...
wednesday1 Posted January 14, 2012 Share Posted January 14, 2012 Didn't S&P give AAA ratings to vast pools of toxic debt, which started the whole financial meltdown back in 08? Correctamundo. Link to comment Share on other sites More sharing options...
emma royd Posted January 14, 2012 Share Posted January 14, 2012 Didn't S&P give AAA ratings to vast pools of toxic debt, which started the whole financial meltdown back in 08? I don't know that they did. Perhaps you could provide a link to back up your claim. I don't see what difference it makes to anything though. The credit ratings are what investers take note of and ultimately what governs the rates governments pay on their debts. I am happy that the UK has a AAA rating and low repayments whilst those that have lost their AAA rating appear to be upset and have repayment rates spiraling out of control. Link to comment Share on other sites More sharing options...
Lucifer Posted January 14, 2012 Share Posted January 14, 2012 It seems Britain is fast becoming the investors safe haven of choice as yet more European economies get the thumbs down. http://www.bbc.co.uk/news/business-16552623 France has lost its top AAA credit rating from Standard & Poor's and eight other eurozone governments have also been downgraded by the ratings agency. Italy, Spain, Cyprus and Portugal were cut two notches, with the latter two given "junk" ratings. Germany kept its AAA rating, and with a stable outlook. S&P blamed the failure of eurozone leaders to deal with the crisis, or even diagnose its causes correctly. Rumours of S&P's move prompted stock markets to fall earlier in the day. Misdiagnosis Austria, like France has lost its top AAA rating, and been downgraded to AA+. Its economy exports a lot to recession-struck Italy, while its banks are facing losses on subsidiaries they own in financially troubled Hungary. S&P's rating of Italy - currently at the epicentre of the crisis - has been cut two notches from A to BBB+. Spain was also cut two notches from AA- to A, as was Portugal, whose rating fell from BBB- to a "junk" rating of BB - indicating a very high level of risk for lenders. Will " Michellin "stars be replaced by Dunlop because we are tyred of the french. Link to comment Share on other sites More sharing options...
Phanerothyme Posted January 14, 2012 Share Posted January 14, 2012 I don't know that they did. Perhaps you could provide a link to back up your claim. I probably could. But then I could probably find a link to back up the assertion that Paris is the capital of France. I just don't really see the need. But hey, I'm feeling generous - here fill your boots - http://lmgtfy.com/?q=standard+and+poor+toxic+debt Link to comment Share on other sites More sharing options...
Phanerothyme Posted January 14, 2012 Share Posted January 14, 2012 I think there should be a credit rating agency rating agency. Link to comment Share on other sites More sharing options...
emma royd Posted January 14, 2012 Share Posted January 14, 2012 I probably could. But then I could probably find a link to back up the assertion that Paris is the capital of France. I just don't really see the need. But hey, I'm feeling generous - here fill your boots - http://lmgtfy.com/?q=standard+and+poor+toxic+debt I see you can't provide a link after all. Never mind it's good that we only pay around 2.9% on money we owe as a nation whilst Italy pays around 7%. There is a reason for that. Link to comment Share on other sites More sharing options...
Phanerothyme Posted January 14, 2012 Share Posted January 14, 2012 I see you can't provide a link after all. I just couldn't choose one out of 900,000, it seemed so unfair. Link to comment Share on other sites More sharing options...
NorthernStar Posted January 14, 2012 Share Posted January 14, 2012 Will " Michellin "stars be replaced by Dunlop because we are tyred of the french. Get a grip man! Link to comment Share on other sites More sharing options...
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