Another rating agency decides to cut on a Friday, this time Fitch, Ireland escapes the cut.
FITCH GOES ON RAMPAGE: CUTS SPAIN, ITALY, BELGIUM, CYPRUS, AND SLOVENIA
Some would say just when things start to look up the rating agencies pounce, although this is a european one.
square in the nuts and rightfully so- lost decade or two coming your way.
Note that Fitch did not downgrade France. I wonder why
That old phrase - one does not p**s on ones own doorstep maybe??
Robut
They said that Italy was spared worse too...
The Eurozone is stabilising
“Ireland is facing 10 years of austerity. Leaving Ireland is the best thing you can do at the moment if you are responsible for a young family.” Richard Tol Former ESRI Supremo
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But but but i thought we had all turned a corner
AP reporting that Ireland is included. On twitter
Edit: they just corrected it. Ireland stays the same. Phew!
"Three o'clock is always too late or too early for anything you want to do."
--
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I hate repeating myself, but for rating agencies I'm happy to make an exception.
None of them have an iota of credibility. They soiled their pants in the run-up to the 2008 crash, giving triple A status to mortgage securities that broke Lehman's Bank. Since then they've been trying to recover lost ground by downgrading everything that smelled of financial difficulty. The agencies are run by bankers, for the most part. Not the kind of eople you'd have much faith in. They work on behalf of banks, hedge funds, insurance giants and anybody willing to pay their extortionate rates.
They're crooked, devious and untrustworthy, popping up with downgrades at the most peculiar moments. They're a rigged game in a rigged market and should be treated with the contempt they deserve.
Whatever you do will be insignificant, but it is very important that you do it. Mahatma Gandhi
Sky News now are reporting we got downgraded, some talk on twitter we did.Originally Posted by westernyelp
Press release
Fitch Ratings - Dedicated to providing value beyond the ratingThe rating actions on the long-term (LT) and short-term (ST) Issuer Default Ratings (IDRs) are as follows:
-Belgium LT IDR downgraded to 'AA' from 'AA+'; Negative Outlook; ST IDR affirmed at 'F1+'
-Cyprus LT IDR downgraded to 'BBB-' from 'BBB'; Negative Outlook; ST IDR affirmed at 'F3'
-Ireland LT IDR affirmed at 'BBB+'; Negative Outlook; ST IDR affirmed at 'F2'
-Italy LT IDR downgraded to 'A-' from 'A+'; Negative Outlook; ST IDR downgraded to 'F2' from 'F1'
-Slovenia LT IDR downgraded to 'A' from 'AA-'; Negative Outlook; ST IDR downgraded to 'F1' from 'F1+'
- Spain LT IDR downgraded 'A' from 'AA-'; Negative Outlook; ST IDR downgraded to 'F1' from 'F1+'
The Belgium one is especially messy -- the crisis is seeping into the core.
The Daily Mail -- the world's biggest cut-and-paste operation.
Calm down everybody. Cassandra will be along soon with a few bar charts and graphs and all will become clear.
[FONT="Book Antiqua"][/FONT] I started one thread, it was quoted in the New York Times
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