Ireland In Line For Another Downgrade

[Realistbear]

http://uk.finance.yahoo.com/news/moody-s-considers-possible-downgrade-of-irish-debt-afp-b03f7bc5b3df.html?x=0

Moody's considers possible downgrade of Irish debt

.8:07, Tuesday 5 October 2010

Moody's credit rating agency said Tuesday it had placed Ireland's credit rating on review for a possible downgrade amid economic uncertainty and concern over the budget deficit.

Ireland's "Aa2" long-term credit rating on local currency and foreign currency government bonds was placed on review for a possible downgrade, the agency said in a statement, a procedure expected to take three months.

The agency said that any downgrade would probably be limited to one notch on Moody's scale, although a deeper downgrade could not be ruled out if the agency determined that Ireland's plan to stabilise its finances within three to five years appeared unlikely to succeed.

Not long now before the markets react to the Elephant that is still hanging about in the EU. Euro might see some heavy selling well before Crimbo IMO.

[EvilEdna]

"Euro might see some heavy selling well before Crimbo IMO."

Bloody well hope so it's behaving like a weeble at the minute

[Realistbear]

"Euro might see some heavy selling well before Crimbo IMO."

Bloody well hope so it's behaving like a weeble at the minute

Credit downgrade talk on Ireland has caused a spike this morning IMO. Bad news = buy signal.

Its all contained etc.

Market trying to guage where to go for a safe haven as the lid is about to blow again IMO.

Just checked one of my my bond holdings and it is looking far too frothy for my liking:

PIMCO Investment Grd Corp Bd CL D(PBDDX)

Summary Performance & Risk Ratings Composition Fees & Features

YTD Performance as of 10/01/2010 12.78%

1 Year* 16.59%

3 Year* 11.79%

5 Year* 7.89%

Life* 7.72%

NAV as of 10/01/2010 11.87

Morningstar Category Intermediate-Term Bond

Edited October 5, 2010 by Realistbear