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Keyword: creditrating

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  • Rating agency Moody's CUTS British credit outlook to 'negative'

    06/25/2016 10:31:25 PM PDT · by Enlightened1 · 37 replies
    Daily Mail ^ | 06/24/16 | Thomas Burrows
    Credit rating agency Moody's has lowered Britain's credit outlook to 'negative' from 'stable' in the wake of the country voting to leave the European Union.Following the Brexit vote, it said Britain's economic growth will be weaker and warned the public finances will be weaker than previously forecast, meaning it will be harder to cut the deficit. A negative outlook means there is a greater danger of a country being downgraded. It is three years since Moody's cut Britain's AAA rating. It currently has the UK on AA+, the second highest rating.It said: 'During the several years in which the UK will have to...
  • Collapse: Moody’s downgrades Chicago’s credit to junk status as pension reform fails

    05/13/2015 10:14:28 AM PDT · by SeekAndFind · 11 replies
    Hotair ^ | 05/13/2015 | Jazz Shaw
    Over the weekend we talked about the Illinois state supreme court decision which effectively terminated any effort to reform the state’s collapsing public worker union pension system and how it was endangering the future stability of the Land of Lincoln. The city of Chicago has the exact same problems, though on a more localized level. With debts in the hundreds of billions of dollars and tax rates which are already driving away businesses and residents alike, the iron grip of the unions on not just the legislature, but the state constitution itself is turning into an albatross around the...
  • Gangster Government–The Attack On Standard And Poor

    01/14/2015 5:52:44 PM PST · by 54fighting · 6 replies
    The Daily Surge ^ | 1/14/15 | Roberto Escoban
    In 2011, concerned about the growing debt crisis, Standard & Poor, the venerable credit rating firm, downgraded the U.S. bond rating for the first time from “Triple-A” to “AA-plus,” a move that sent shockwaves through the financial markets raising troubling questions about the government’s growing debt. The move hit a nerve with a White House gearing up for a massive re-election campaign. Then Treasury Secretary Timothy Geithner called the Chairman of McGraw Hill, the owners of S&P, declaring that the government would hold S&P “accountable” and their conduct would be “looked at very carefully.” Geithner wasn’t bluffing. The Obama Administration...
  • Moody’s downgrades Japan credit rating, citing debt

    12/01/2014 5:34:50 AM PST · by WhiskeyX
    Japan Times ^ | Dec 1, 2014 | AFP-JIJI
    Moody’s downgraded Japan’s credit rating Monday, citing “rising uncertainty” over the country’s debt situation and Prime Minister Shinzo Abe’s faltering efforts to kick-start the world’s No. 3 economy. The ratings agency said it cut Japan’s rating by one notch to A1 from Aa3, after the economy sank into recession during the third quarter.
  • Will a Threat to U.S. Credit Rating Convince Republicans to Care About Global Warming?

    05/15/2014 9:45:29 PM PDT · by NormsRevenge · 41 replies
    Yahoo! News ^ | 5/15/14 | Danielle Wiener-Bronner - atlantic wire
    Standard & Poor's Ratings Services (S&P) warned on Thursday that climate change will force down the credit ratings of countries throughout the world. Will this be the straw that breaks the climate change-deniers' backs? "Climate change is likely to be one of the global mega-trends impacting sovereign creditworthiness, in most cases negatively," S&P notes, adding "Assuming that extreme weather events are on the rise in terms of frequency and destruction, .. The S&P report closely follows one published by the CNA Corporation Military Advisory Board on Tuesday, which found climate change to be a risk to national security. The study...
  • Standard and Poor's Downgrades Russia's Credit Rating (1 Notch above Junk)

    04/27/2014 5:51:40 AM PDT · by equalator · 13 replies
    Breitbart ^ | 4-25-14 | Chriss Street
    Standard & Poor’s downgraded Russia’s credit rating to BBB-, just one notch above junk, and warned that the nation faced a further downgrade in the event of tighter financial sanctions by members of the North Atlantic Treaty Organization (NATO). To prevent a big drop in the exchange rate of their ruble currency, Russia’s central bank increased its benchmark interest rate to 7.5% in an effort to trim inflation. The Central Bank of Russia raised the rate it loans to the nation’s bank by .5% following the S&P downgrade. The last time the country’s monetary authorities raised rates was in March--to...
  • 3 huge cities flirting with bankruptcy (NYC, Chicago, LA)

    03/03/2014 4:18:34 PM PST · by Libloather · 40 replies
    MSN ^ | 3/03/14 | Karen Riccio
    Detroit's looming bankruptcy is making news again, this time focusing on current restructuring plans aimed to wipe out $18 billion in debt by axing pension checks of city retirees, including police and fire. Massive long-term retirement and healthcare promises were by no means solely responsible for the city's fall, but these massive pensions coupled with a tax base weakened by high unemployment and housing vacancies caused the budget to bleed out quicker. The Michigan city may be the most recent victim of bankruptcy, but many of the 61 largest U.S. cities have adopted the same retirement legacy leading to $118...
  • Chicago Credit Rating Now Lower Than Any Major City Except Detroit

    03/05/2014 9:10:37 AM PST · by SeekAndFind · 12 replies
    FrontPage Mag ^ | 03/05/2014 | Daniel Greenfield
    America is now run by the best and brightest of Chicago. What they did to Chicago, they’re doing to America. Moody’s Investors Service has downgraded Chicago’s credit rating, citing the city’s unfunded pension liabilities.The agency announced Tuesday it’s lowering the rating on $8.3 billion in debt from A3 to Baa1, putting it only three notches above junk-bond status.Moody’s Investor Service rated the city’s upcoming $388 million bond issuance at Baa1, down from A3, a level set last year after an unusual triple downgrade.Chicago will test the bond market for the first time since its bond rating dropped three notches, thanks...
  • Auto Trade Group Caves To Obama Race-Mongers

    02/07/2014 5:06:25 PM PST · by jazusamo · 23 replies
    Investors.com ^ | February 7, 2014 | IBD Editorial
    Racial Politics: Like mortgage lenders, the auto industry is inoculating itself against trumped-up racism charges by adjusting the way it prices loans. Eric Holder's witch hunt is spreading — and doing lasting damage. On Friday, the National Automobile Dealers Association issued new "fair credit" guidelines to protect the 16,000 car dealers it represents from discrimination lawsuits filed by the Justice Department and Consumer Financial Protection Bureau. The agencies have teamed up to frame car lenders as bigots after successfully framing home lenders. "Fulfilling these goals is particularly important in light of recent allegations," NADA said in a memo to members....
  • Sony’s Credit Rating Cut To “Junk” By Moody’s

    01/27/2014 4:12:10 PM PST · by aimhigh · 19 replies
    Techcrunch ^ | 01/27/2014 | Romain Dillet
    Bond credit rating agency Moody’s cut the credit rating of Sony from Baa3 to Ba1 with a stable outlook — Ba1 is also just below investment grade. In other words, Sony is considered a speculative investment right now and it will become harder for the company to borrow money. Today’s downgrade comes from its volatile net profit. Despite many staff cuts, some divisions, such as its PC and TV activities, are still losing money or are barely in the black. Increased competition in these areas are to blame.
  • Geithner Warned S&P Chairman US Would Retaliate For Downgrade

    01/21/2014 6:08:55 AM PST · by Rusty0604 · 14 replies
    Zerohedge ^ | 01/21/2014 | Tyler Durden
    <p>Peter Barnes “Is there a risk that the United States could lose its AAA credit rating? Yes or no?”</p> <p>Geithner’s response: “No risk of that.”</p> <p>“No risk?” Barnes asked.</p> <p>“No risk,” Geithner said.</p> <p>Considering that the US was downgraded by S&P just 4 months later, one person who certainly will never forget his idiotic preannouncement, is the former Treasury secretary, Tim Geithner. And being the sore loser that everyone suspected he was (although one hopes his recent well-paid move to Warburg Pincus will help soothe his sensitivity) it will come as no surprise that Geithner told the Chairman of embattled rating agency Standard & Poor's, that its downgrade of the US from AAA to AA+ "would be met by a response."</p>
  • Weak Growth: Agency Strips Netherlands’ AAA Rating

    11/29/2013 7:11:23 PM PST · by Olog-hai · 2 replies
    Der Spiegel ^ | November 29, 2013 – 12:24 PM | (dsl, with wires)
    The list of eurozone countries with immaculate credit ratings took another hit this week. On Friday morning, Standard & Poor’s (S&P) removed the Netherlands’ top rating, downgrading the country to AA+. This leaves only three countries in the common currency area with the best grade of AAA: Finland, Luxembourg and Germany. Two years ago, six countries still had that rating. … Dutch Finance Minister Jeroen Dijsselbloem, who is also president of the Euro Group, recently announced that his country would violate the European Commission’s deficit rules despite an additional €6 billion ($8.16 billion) austerity package. … Like Germany, the Netherlands...
  • S&P Upgrades U.S. Credit Outlook to ‘Stable’

    06/10/2013 2:24:54 PM PDT · by lowbridge · 6 replies
    http://www.foxbusiness.com ^ | june 10, 2013 | matt egan
    Ratings company Standard & Poor’s upgraded its outlook on the U.S. to “stable” from “negative” on Monday and said “tentative improvements” on the political and economic fronts have bought Washington extra time to grapple with long-term challenges. The move comes almost two years after S&P shook up Washington by becoming the first ratings company to remove the nation’s pristine “AAA” rating due to widespread concerns about soaring debt and deficit levels. But S&P affirmed its “AA+” credit rating on the U.S. on Monday and said the revised outlook to “stable” indicates the likelihood of a near-term downgrade is less than...
  • Gold backwardization - so what?

    05/26/2013 1:48:13 AM PDT · by djf · 16 replies
    Some gal on the radio is talking about permanent gold backwardization. I know the gist of things means that the futures price is lower than the spot price, but what does this whole thing mean exactly? She says trade would just stop. Why would that be? Anyone know about this? Does it mean the quoted spot price is basically meaningless?
  • EU-based credit rating agency buried

    05/01/2013 12:12:21 PM PDT · by Olog-hai · 1 replies
    EU Observer ^ | 05/01/2013 @ 09:25 | Nikolaj Nielsen
    Plans to launch an independent European credit agency have fallen apart after it failed to generate enough interest in the business world. After three years of efforts, its co-founder renounced the plans, in an interview with the German daily Handelsblatt on Tuesday (30 April). “There were not enough investors,” Markus Krull, a former senior partner in the German-based consultancy firm Roland Berger, told the daily in an interview. … Krull envisioned an agency that would compete with the US-based equivalent Standard & Poor’s, Moody’s and Fitch. All three US-based agencies work on a for-profit basis that Krull wanted to challenge...
  • Moody's cuts UK credit rating one notch to Aa1

    02/22/2013 3:21:42 PM PST · by SeekAndFind · 2 replies
    Yahoo finance ^ | 02/22/2013
    NEW YORK (Reuters) - Moody's Investors Service on Friday cut the United Kingdom's credit rating to Aa1 from Aaa, citing weakness in the nation's medium-term growth outlook that it now expects to extend for a number of years. The outlook on the credit is stable, the firm said in a statement.
  • Payback for a Downgrade? (The Feds sue S&P but not Moody's for pre-crisis credit ratings)

    02/06/2013 6:59:20 AM PST · by SeekAndFind · 13 replies
    Now, this is awkward. One agency of the federal government is suing a company for fraud while another agency continues to endorse it. On Monday in Los Angeles, the Department of Justice sued Standard & Poor's and its parent McGraw-Hill MHP -0.25% for $5 billion. The claim is that S&P committed civil fraud when it issued high credit ratings on mortgage-related securities prior to the financial crisis of 2008. Sixteen states and the District of Columbia have piled on the suit. No doubt investors who relied on the opinions of S&P and the other big credit-rating agencies, Moody's and Fitch,...
  • Fitch warns on U.S. rating as debt ceiling fight looms

    01/15/2013 11:58:42 PM PST · by Olog-hai · 1 replies
    Reuters ^ | Tue Jan 15, 2013 1:36pm EST | Marc Jones, William James and Daniel Bases
    The United States faces a “material risk” of losing its AAA status if there is a repeat of the wrangling seen in 2011 over raising the country’s self-imposed debt ceiling, credit ratings firm Fitch said on Tuesday. The United States scraped up against its $16.4 trillion debt ceiling on Dec. 31 and is now employing special measures to meet its financial obligations. The Treasury Department said those steps could be exhausted by mid-February. Despite December’s deal by U.S. politicians to avoid the “fiscal cliff” of spending cuts and tax hikes, Fitch’s head of sovereign ratings, David Riley, said pressure on...
  • Govt to supervise credit reporting for first time

    07/16/2012 1:31:25 PM PDT · by BAW · 31 replies
    AP ^ | July 16, 2012
    The companies that determine Americans' credit scores are about to come under government oversight for the first time. The Consumer Financial Protection Bureau said Monday that it will start supervising the 30 largest firms that make up 94 percent of the industry. That includes the three big credit reporting firms: Equifax Inc., Experian and TransUnion. In remarks prepared for a speech Monday, Richard Cordray, the government agency's director, said that scorekeeping by credit bureaus plays such a large role in Americans' financial lives, it requires scrutiny.
  • 7 Reasons Americans Are So Complacent About Our Country's Impending Bankruptcy

    06/26/2012 3:56:44 AM PDT · by Kaslin · 146 replies
    Townhall.com ^ | June 26, 2012 | John Hawkins
    America is on track to go bankrupt. Just like Greece. The signs are all around us. We've lost our AAA credit rating. Trillion dollar deficits are the new normal. The Fed is buying 61% of our own debt. Barack Obama's 10 year budget will leave Americans with “more debt than has been accumulated by all previous Presidents in American history combined.” Nobody on the Left or Right seems to believe we'll ever pay off all of the money we owe. Life as we know it is very close to ending and yet Americans seem to be infected with a tragic...