Standard & Poor’s cut its credit ratings on Banco Santander SA (SAN) and Banco Bilbao Vizcaya Argentaria SA (BBVA), Spain’s largest lenders, along with nine other banks after lowering the country’s sovereign rating.
Santander’s long-term counterparty credit rating was lowered two levels to BBB with a negative outlook, from A-, S&P said in a statement today. The firm also cut the short-term ratings on four banks and placed the ratings of six on creditwatch [...]
It is late in the afternoon on a Friday, which means one thing: it is time to dump all left over bad news under the rug. Sure enough, here comes S&P. From Bloomberg:
S&P CUTS RATINGS ON 15 ITALIAN FINL INSTITUTIONS
S&P TAKES RATING ACTIONS ON 32 ITALIAN FINL INSTITUTIONS
BANCA MONTE DEI PASCHI DI SIENA SPA CUT TO BBB-/NEGATIVE/A-3
BANCA POPOLARE DI MILANO SCRL CUT TO BB+/NEGATIVE/B BY S&P
S&P SEES ITALIAN BANKS’ VULNERABILITY [...]
Two Events Will Shape The Next Tragic Act In Europe
…The people of Europe, like their American peers, still live under the illusion that they can exert their political influence in the ballot box. They will all find out that this influence can be fought for, gained and exerted in one place only: the street. And that is where we will find the people.
So there’s a third defining event coming to [...]
S&P takes various rating actions on Spanish banks
Standard & Poor’s Ratings Services today said it has lowered its ratings on five Spain-based financial institutions, affirmed the ratings on nine, and maintained the ratings on five on CreditWatch with negative implications (see Ratings List).
We have also revised down our assessments of the stand-alone credit profiles (SACPs) of six financial institutions, with revisions ranging from one to three notches.
With the exception of [...]
Standard & Poor’s Ratings Services today said it has lowered its ratings on five Spain-based financial institutions, affirmed the ratings on nine, and maintained the ratings on five on CreditWatch with negative implications (see Ratings List).
We have also revised down our assessments of the stand-alone credit profiles (SACPs) of six financial institutions, with revisions ranging from one to
(Excerpt) Read more at reuters.com …
by Sam Ro
Goldman’s Jim O’Neill said S&P’s downgrade of the eurozone countries was “one of the most widely anticipated moves of all time.”
But, if there could be an even more widely anticipated move, then this might be it.
Just days after S&P downgraded Europe, Fitch is warning that it will probably follow suit. Earlier this morning, Fitch’s Edward Parker said this (via Bloomberg)
“We would expect the review will lead to downgrades of one [...]
By Sue Chang
SAN FRANCISCO (MarketWatch) — Standard & Poor’s Ratings on Wednesday placed the European Union’s triple-A rating on CreditWatch with negative implications, a sign that the rating could be downgraded soon. “The CreditWatch on the E.U. is an expression of our concerns about the potential impact on the future debt service capacity of eurozone sovereigns, and therefore also the E.U., in the context of what we view as [...]
(ZH) Not sure why the market is surprised by this, but it is.
S&P PLACES LARGE BANK GROUPS ACROSS EUROZONE ON WATCH NEG - BNP, SocGen, Commerzbank, Intesa, Deutsche… pretty much everyone.
EUROPEAN UNION’S AAA RATING MAY BE CUT BY S&P – you KNOW Barroso, Juncker and Gollum are going to take this very personally
In short: Commerzbank AG, Natixis S.A., Credit Agricole S.A., Eurohypo, Deutsche Bank L-T counterparty credit rating, Deutsche Postbank AG, [...]
From FT:
Standard & Poor’s has warned Germany and the five other triple A members of the eurozone that they risk having their top-notch ratings downgraded as a result of deepening economic and political turmoil in the single currency bloc.
The US rating agency said late on Monday that Germany, France, the Netherlands, Austria, Finland and Luxembourg were all being placed on “creditwatch negative”, indicating there is a 50 per cent chance of a [...]
From FT:
Standard and Poor’s has warned Germany and the five other triple A members of the eurozone that they risk having their top-notch ratings downgraded as a result of deepening economic and political turmoil in the single currency bloc.
The US ratings agency is poised to announce later on Monday that it is putting Germany, France, the Netherlands, Austria, Finland, and Luxembourg on “creditwatch negative”, meaning there is a one-in-two chance of a [...]
by ZH
Here it comes. From the FT: “Standard and Poor’s has warned Germany and the five other triple A members of the eurozone that they risk having their top-notch ratings downgraded as a result of deepening economic and political turmoil in the single currency bloc. The US ratings agency is poised to announce later on Monday that it is putting Germany, France, the Netherlands, Austria, Finland, and Luxembourg on “creditwatch negative”, meaning [...]
by ZH
Earlier today it was Fitch; now, way after the close, it is S&P’s turn: the rating agency just put Hungary on junk bond watch, due an “unpredictable policy framework”, and better yet, advised readers that the almost certain downgrade from Investment Grade would happen this month. Naturally, if Hungary, AAAustria is next. Then all of Eastern Europe follows quickly and Germany finds itself in a war with contagion on [...]
Standard & Poor’s:
We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating.
We have also removed both the short- and long-term ratings from CreditWatch negative.
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 [...]
Image: NYT Syndication
US credit rating cut for first time ever!!!
Yahoo.com via Reuters:
NEW YORK (Reuters) – The United States lost its top-notch AAA credit rating from Standard & Poor’s on Friday, in a dramatic reversal of fortune for the world’s largest economy.
S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits.
U.S. Treasuries, once undisputedly seen as the safest investment in [...]
By William Spain
CHICAGO (MarketWatch) – Standard & Poor’s on Thursday put its ‘AAA’ long-term and ‘A-1+’ short-term sovereign credit ratings on the U.S. on CreditWatch with negative implications, indicating a downgrade may come within the next three months. It is “our view that, owing to the dynamics of the political debate on the debt ceiling, there is at least a one-in-two likelihood that we [...]
by Zeke Miller
S&P May Affirm The Government’s AAA Rating If Congress And President Barack Obama Could Agree On A $4 Trillion Deficit Reduction Deal
Standard & Poors warned late Thursday that there is a 50 percent the credit rating agency would downgrade U.S. debt in the next 90 days.
The agency first privately apprised U.S. officials of announcement, which comes a day after Moody’s issued a warning about the government’s [...]
S&P Places U.S. ‘AAA/A-1+’ Rtgs On CreditWatch Negative
“Standard & Poor’s has placed its ‘AAA’ long-term and ‘A-1+’ short-term sovereign credit ratings on the United States of America on CreditWatch with negative implications.
– Standard & Poor’s uses CreditWatch to indicate a substantial likelihood of it taking a rating action within the next 90 days, or in response to events presenting significant uncertainty to the creditworthiness of [...]
From S&P:
Overview
We are of the view that Standard & Poor’s rated Greek banks’ financial profiles are exposed to significantly heightened risks as a result of deterioration in Greece’s creditworthiness and Greek depositors’ perceptions of a possible government debt restructuring.
As a consequence, we are lowering our long-term counterparty credit ratings to ‘CCC’ from ‘B’ on the four Greek banks we rate.
The negative outlook reflects the possibility [...]
From S&P:
Overview
Under our sovereign ratings criteria, a commercial debt rescheduling typically constitutes a default.
In our view, there is increased risk that Greece will take steps to restructure the terms of its commercial debt, including its previously-issued government bonds.
Accordingly, we are lowering both the long- and short-term ratings on Greece to ‘B’ and ‘C’, respectively.
We are leaving both ratings on CreditWatch Negative.
Rating Action
On May 9, 2011, Standard [...]
by ZH
From S&P, although nothing new here. EURUSD does not even blink on the news:
Overview
The concluding statement of the European Council meeting of March 24-25, 2011, addressing the terms under which EU sovereigns may borrow from the European Stability Mechanism (ESM) confirms our previously published expectations that (i) sovereign debt restructuring is a potential pre-condition to borrowing from the ESM, and (ii) senior unsecured [...]
Just released by Moody’s:
On March 23, 2011, the Portuguese parliament rejected the government’s proposed austerity package. Prime Minister José Sócrates subsequently resigned, which, in our opinion, increases policy uncertainty and heightens Portugal’s refinancing risk.
We have lowered our long-term sovereign credit rating on Portugal by two notches to ‘BBB’ from ‘A-’. The ‘A-2′ short-term sovereign credit rating is unchanged. All ratings remain on CreditWatch [...]
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