Jump to content
House Price Crash Forum
Sign in to follow this  
Guest_chris c-t_*

Spain Just Got Downgraded

Recommended Posts

Moody's (finally) gets it...

http://noir.bloomberg.com/apps/news?pid=20601087&sid=ao.R8gvuhl2I&pos=2

Spain's Credit Rating Cut One Level to Aa1 by Moody's (Update1)

Share Business ExchangeTwitterFacebook| Email | Print | A A A By Emma Ross-Thomas

Sept. 30 (Bloomberg) -- Spain had its top credit rating cut one level by Moody's Investors Service, which cited the nation's "weak" economic outlook.

The ratings company lowered Spain to Aa1 from Aaa with a stable outlook, it said today in a statement. Spain lost its top grade at Fitch Ratings in May and at Standard & Poor's in January 2009.

Edited by chris c-t

Share this post


Link to post
Share on other sites

Hat tip to RB on this one for spotting this early - next time some more days.

In the run up to this the GBP has fallen at least 5% against the Euro in recent weeks.

Share this post


Link to post
Share on other sites

Downgraded by the same clowns who AAA rated sub prime, and then changed their minds to junk status overnight - and this is supposed to be significant?

Share this post


Link to post
Share on other sites

Downgraded by the same clowns who AAA rated sub prime, and then changed their minds to junk status overnight - and this is supposed to be significant?

It seems to be what we have to expect.

Same as Halifux stats and comments being regurgitated in the press - a bankrupt bunch of gamblers, same with RBS - they are still pontification about the state of the economy , why - they couldn't even run their own business?

Share this post


Link to post
Share on other sites

Strong buy signal on the Euro. Up 25pips on the news breaking.

IF you could still buy Irish Punts the debt issues would make that currency a strong buy.

Still in a major contrarian market.

Share this post


Link to post
Share on other sites

Why does anyone listen to ratings agencies any more? Did anyone regard Spain as Aaa yesterday? Does anyone believe Spain should have a Aa1 rating today?

Would anyone invest their OWN money in Spanish bonds to get a 4% yield?

Share this post


Link to post
Share on other sites

Downgraded by the same clowns who AAA rated sub prime, and then changed their minds to junk status overnight - and this is supposed to be significant?

Sounds like someone needs a trip to good ol' room 101...

Share this post


Link to post
Share on other sites

Strong buy signal on the Euro. Up 25pips on the news breaking.

IF you could still buy Irish Punts the debt issues would make that currency a strong buy.

Still in a major contrarian market.

I don't understand, why is this a strong buy on the euro?

Share this post


Link to post
Share on other sites

AA1 still sounds really, really good though.

It is, given the fact that Spain GDP figures are fabricated.

A highly damaging — and deeply anonymous — piece of analysis started making the rounds on Wednesday. Sent from a specially-created Gmail account, with no named author(s), it explores “discrepancies” within published Spanish GDP figures.

It questions Spain’s official GDP statistics for the period between 2007 and 2009, suggesting the national statistics office may have understated the country’s decline in growth by as much as 14.2 per cent

.

.................

The anonymous author(s) suggests this is a “falsification” by the Spanish government, and one that was done to prevent it from falling into a Greek-like debt trap in the markets

http://ftalphaville.ft.com/blog/2010/09/30/356201/an-anonymous-tip-off-regarding-spanish-gdp/

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.