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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

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

Council Statement on backstop mechanisms

 

Following up to the conclusions of the 24-25 March Spring European Council, the Council has reviewed, as part of a coordinated strategy, the availability and soundness of the backstop measures in place to address decisively any remaining pockets of vulnerability in the EU banking sector.

The Council confirmed that necessary remedial actions following results of the test will be taken. These measures privilege private sector solutions but also include a solid framework for the provision of government support in case of need, in line with state aid rules. The backstop measures have been drawn up ahead of the publication of the stress test results in line with the guiding principles agreed by the Ecofin Council on 17 May.

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.

European Securities and Markets Authority ESMA - Michel Barnier will have Verena Ross as first Executive Director

ESMA nominates Verena Ross Executive Director - The Board of Supervisors (BoS), ESMA’s decision taking body made up of 27 voting members, nominated Verena Ross today, for the post of ESMA’s first Executive Director, subject to confirmation by the European Parliament. The Executive Director will be entrusted with the day-to-day management of ESMA. According to the Regulation establishing ESMA, the Executive Director will serve a term of five years, renewable once. 

Markus Krebsz - Scottish Financial Risk Academy (SFRA) Inaugural Colloquium - Risky Ratings - Reducing Over-Reliance

At the Scottish Financial Risk Academy (SFRA) Inaugural Colloquium in Edinburgh on the 4 November 2010, Markus Krebsz presented "Risky Ratings - Reducing Over-Reliance by using the Agencies' analysis sensibly.

Download the Slide Deck here!

Commission measures for a safe and stable financial system in Europe

As part of its work on preventing a future crisis and strenghtening the financial system, the European Commission has put forward a proposal on Credit Rating Agencies (CRA) and launched a public consultation on reforming corporate governance in financial institutions. Furthermore, it has adopted a Communication where it commits itself to move swiftly in completing the necessary reforms to ensure a safe and sound European financial system.

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