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Silvio Berlusconi says "credit rating agency S&P's opinions on Italy seems to stem from media views more than reality

Standard and Poor's cut its unsolicited ratings on Italy by one notch, warning of a deteriorating growth outlook and damaging political uncertainty, in a move that took markets by surprise and added to pressure on the debt-stressed euro zone.


S&P's downgraded its unsolicited ratings on Italy to A/A-1 from A+/A-1+ and kept its outlook on negative, sending the euro more than half a cent lower against the dollar.

Moody's downgrades French Banks: Credit Agricole and SocGen, BNP Paribas on review

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  • Credit Agricole cut to Aa2
  • SocGen cut one level to Aa3
  • BNP Paribas still on review

BNP Paribas (BNP) SA, Societe Generale SA and Credit Agricole SA Poised for Moody’s Downgrade

BNP Paribas (BNP) SA, Societe Generale SA and Credit Agricole SA (ACA), France’s largest banks by market value, may have their credit ratings cut by Moody’s Investors Service as soon as next week because of their Greek holdings, two people with knowledge of the matter said.

an asymptotic perspective on the credit ratings agency Voodoo

 

A STORY in 12 blog posts

 

(I had to run to catch up!.....) / A developing narrative over two ½ years

 

RATINGS AGENCIES ON ASYMPTOTIX

Portugal's debt agency IGCP slams Moody's as arrogant after downgrade

Portugal's public debt agency IGCP has criticized the rating agency Moody's as 'arrogant' in downgrading the country's credit rating to junk, the news agency Lusa said Friday. The IGCP sent an e-mail to investors who had bought Portuguese debt, telling them that the rating agency's 'superficial' decision was based on 'opinions rather than proof.' Moody's had been 'arrogant' in ignoring the opinion of the 'troika' formed by the European Union, the European Central Bank (ECB) and the International Monetary Fund (IMF), the IGCP said in a letter quoted by Lusa.

German Firm Wants to Set Up New Rating Agency

European politicians are blaming the escalation of the euro crisis on the major rating agencies, and are determined to break the monopoly of the "Big Three." Supporters of an intiative by a German consulting firm to set up a European rival agency believe that their time has come.

Viviane Reding (EU Commission) criticizes role of US credit rating agencies in debt crisis

Political leaders in Europe have expressed growing criticism of the power exercised by the three major credit rating agencies. EU Justice Commissioner Viviane Reding said breaking up the big three was one option.


European Union Justice Commissioner Viviane Reding has joined growing opposition to the power wielded by the three dominant, US-based credit rating agencies in the on-going eurozone debt crisis that has brought Greece, Ireland and Portugal to the brink of economic collapse.

Ratings agencies criticised by European Commission

This is what my wife and I have been discussing the last few days: The European Commission has strongly criticised international credit ratings agencies following the downgrade of Portugal by Moody's. The Commission said the timing of the downgrade was "questionable" and raised the issue of the "appropriateness of behaviour" of the agencies in general. Earlier, Greek Foreign Minister Stavros Lambrinidis said the agencies' actions in the debt crisis had been "madness".

Credit FAQ: When Would A "Reprofiling" Of Sovereign Debt Constitute A Default?

Policy discussions aimed at resolving the debt crises of certain countries on the periphery of the eurozone have been taking place for some time now. However, these discussions have taken a new turn in recent weeks as some European politicians have begun speaking more openly about solutions that might include a "soft" restructuring, rescheduling, or "reprofiling" of bonded eurozone government debt.

Credit rating agencies warn EC they could stop rating risky countries

Credit rating agencies have warned the European Commission that they could stop rating risky countries if the EU executive goes ahead with plans to make them legally liable for errors of judgment, industry sources said.

Tensions have been rising between Brussels officials and the three major agencies, whose assessment on countries and companies determines their cost of borrowing, after Standard & Poor's downgraded Portugal and reranked Greece below Egypt .

Moody's and Fitch have also downgraded euro zone member states in recent months, increasing investor uncertainty.

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