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Keyword: downgrade

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  • I-69 construction woes lead to another bond downgrade

    10/11/2016 1:03:45 AM PDT · by Tolerance Sucks Rocks · 15 replies
    Indiana Business Journal ^ | September 20, 2016 | Susan Orr
    Continuing delays on the construction of Interstate 69 between Bloomington and Martinsville have led to another ratings downgrade on the bonds issued to help finance the project. Standard & Poor’s has lowered its rating from BB+ to BB- on $244 million in bonds issued by the Indiana Finance Authority in 2014 for the interstate project. “The rating action reflects our view of increased construction risk at the project, which is eight months behind schedule and about 56 percent complete,” S&P Global Ratings credit analyst Tony Bettinelli said in the ratings agency’s statement on the downgrade last week. The 21-mile project,...
  • Moodys downgrades Chicago schools, park district ratings

    05/13/2015 9:43:58 PM PDT · by Olog-hai · 8 replies
    Associated Press ^ | May 13, 2015 7:43 PM EDT
    Moodys Investors Service downgraded the debt of both the Chicago Public Schools and the Chicago Park District on Wednesday, a day after it downgraded the citys bond rating to junk status. Moodys has given a Ba3 rating to the school districts debt, down from a Baa3 rating, saying the district faces increased strain on its precarious financial position due to last weeks Illinois Supreme Court decision overturning state pension reform. It reduced the Chicago Park Districts rating to from Baa1 to Ba1, one notch below investment grade. The rating services moves affect the school districts $6.2 billion in general obligation...
  • Rahm Emanuel's Chicago Nears Fiscal Free Fall

    03/02/2015 4:01:35 PM PST · by raptor22 · 47 replies
    Investor's Business Daily ^ | March 2, 2015 | IBD EDITORIALS
    ities: The problem with socialism, Margaret Thatcher once noted, is you eventually run out of other people's money. In progressive Chicago, that's hit home as Moody's has cut its credit rating to two grades above "junk." Chicago's finances are staggering under the weight of an unfunded pension liability that Moody's Investors Service has estimated at $32 billion, eight times the city's operating revenue. Chicago has a $300 million structural deficit. And Illinois law requires the city to up its 2016 contributions to its police and fire pension funds by $550 million. "This is an unfortunate wake-up call for anyone still...
  • Moody's downgrades Japan as concerns grow

    12/01/2014 5:22:21 AM PST · by Enlightened1 · 2 replies
    CNBC ^ | 12/01/14
    Fears over the future of Japan's economy are growing and Moody's, the credit ratings agency, reflected this on Monday by cutting its credit rating to A1 from AA3. The news came just after the country's main stock market, the Nikkei, closed at a seven-year high.
  • How Kevin McCarthy Lost GOP Seats in CA

    We are always told by the establishment that conservatives are causing them to lose seats in Congress. The reality is that the ineptitude of GOP leaders is whats causing us to lose seats. There is a little noticed pattern that has emerged from redistricting. Almost every state that had a nonpartisan commission draw the new district lines eliminated Republican seats. The worst example was in California where Republican activists warned leaders that the commissions map would cost us 4 seats. It happens to be that Majority Whip Kevin McCarthy is ostensibly the leader of the CA GOP delegation. It turns...
  • Brooklyn Man Charged with 5 Attacks on Jewish Women

    01/05/2014 1:46:57 PM PST · by Eleutheria5 · 33 replies
    Arutz Sheva ^ | 5/1/14 | Gil Ronen
    A Brooklyn man named Barry Baldwin, 35, has been arrested and charged with five incidents in which Jewish women were viciously punched for no apparent reason. The incidents are seen as being connected to a sadistic game called the knockout game, which involves targeting unsuspecting victims on the street and knocking them out with a sucker punch. Police picked up Baldwin last week, and originally connected him to six incidents and charged him with six hate crimes because he targeted Jewish victims, sources told the Daily News. For some reason, the charges were later downgraded to assaults without a hate...
  • S&P downgrades European Union's credit rating

    12/20/2013 6:35:42 AM PST · by Starboard · 6 replies ^ | December 20, 2013 | Nigel Cassidy, Marketplace Morning Report
    European leaders meeting in Brussels for a summit on banking rules got some bad news this morning. The Standard and Poor's credit rating agency announced that it is stripping the entire European Union of its AAA rating.
  • Fitch downgrades Chicago bond ratings: Downgrades Chicago bonds based on pension crisis

    11/13/2013 9:24:13 AM PST · by SeekAndFind · 6 replies
    Finance ^ | 11/13/2013
    SPRINGFIELD, Ill. (AP) -- Fitch Ratings has downgraded the credit worthiness of Chicago's bond debt because of its public pension problems. Fitch dropped the rating from AA- to A- on $8 billion in general obligation bonds, backed by property taxes. It also dropped the rating on $497 million in sales tax bonds paid for by both the city's local sales tax and its share of the state sales tax.
  • Fitch warns it may downgrade US over debt standoff

    01/15/2013 3:00:23 PM PST · by SeekAndFind · 4 replies
    Yahoo News ^ | 01/15/2013 | PAN PYLAS
    The United States could lose its top credit rating for the second time from a leading agency if there's a delay in raising the country's debt ceiling, Fitch Ratings warned Tuesday. Congress has to increase the country's debt limit, which effectively rules how much debt the U.S. can have, by the end of February or face a potential default, Fitch says. There are fears that the debate will descend into the sort of squabbling and political brinkmanship that marked the last effort to raise the ceiling in the summer of 2011. Outgoing U.S. Treasury Secretary Timothy Geithner warned then that...

    01/03/2013 12:39:37 PM PST · by Fred · 9 replies
    ScrapeTv ^ | 010313 | Edward Bastil, Political Correspondent
    Washington, D.C. It is possible, possible, that the massive shuffling of Cabinet positions for president Obama will have a positive effect on his next four years in office. With so many people leaving the make-up of the team that led to a lot of mediocrity and divisiveness will be fundamentally altered.timothy geithner leaving obama administration Some of those changes, say Secretary of State, clearly trade one strong player for another but in other places the changeover will not be as smooth or as clearly good. There is, perhaps, no position more important in all of this than the change...
  • Moody's revises Illinois outlook to negative on pensions

    12/14/2012 5:37:16 AM PST · by haffast · 3 replies
    Reuters ^ | updated 12/13/2012 8:21:24 PM ET | Karen Pierog
    CHICAGO (Reuters) - Illinois' public pension funding problems, likely to persist if not worsen, led Moody's Investors Service on Thursday to revise the state's credit outlook to negative from stable, putting more pressure on state lawmakers to act. Illinois' finances are buckling under a $96.8 billion unfunded pension liability while Governor Pat Quinn and various state lawmakers are pushing to get various reform measures passed by the legislature in early January. But Moody's, which affirmed Illinois' A2 rating, said the passage of any reforms stands a good chance of being challenged in court on the basis of strong state constitutional...
  • Fiscal Cliff Debate Is About Size of Government, Not Taxing "the Rich" Thomas Sowell

    12/04/2012 7:22:09 AM PST · by Fred · 9 replies
    real clear pols ^ | 120412 | Thomas Sowell
    Amid all the political and media hoopla about the "fiscal cliff" crisis, there are a few facts that are worth noting. First of all, despite all the melodrama about raising taxes on "the rich," even if that is done it will scarcely make a dent in the government's financial problems. Raising the tax rates on everybody in the top two percent will not get enough additional tax revenue to run the government for ten days. And what will the government do to pay for the other 355 days in the year? All the political angst and moral melodrama about getting...
  • Spain downgraded by S&P (heading towards "junk" status)

    10/10/2012 4:32:09 PM PDT · by Signalman · 2 replies
    CNNMoney ^ | 10/10/2012 | Ben Rooney
    Standard & Poor's lowered its credit rating for Spain on Wednesday, in a move that could complicate Madrid's effort to avoid requesting a financial bailout. S&P cut Spain's long-term credit rating two notches to "BBB-" from "BBB+," the ratings agency said in a statement. It also lowered the nation's short-term rating and said the long-term outlook for Spain is negative, meaning it could lower the rate further. The move reflects the risk of "increasing social discontent" as the Spanish economy slips deeper into recession, according to S&P. It also warned of "rising tensions" between the central government and Spain's semi-autonomous...
  • Polls Show Erosion of U.S. Image Abroad Over the Past Four Years

    09/18/2012 6:29:19 PM PDT · by Olog-hai · 12 replies
    Cybercast News Service ^ | September 18, 2012 | Patrick Goodenough
    The last four years have witnessed a decline in the image of the United States around the world, and President Obamas approval rating has also taken a hit in some regions abroad, according to a series of polls this year. The survey results call into question the assertion, touted by administration officials and echoed in much media reporting, that Obamas foreign policy has been an unqualified success and that his engagement with the international community, especially through the United Nations, has boosted Americas image significantly. Particularly striking in some of the polls is the negative trend in key Islamic countries,...
  • BREAKING: Egan Jones Downgrades US From AA To AA-

    09/14/2012 12:32:42 PM PDT · by tcrlaf · 46 replies
    Zerohedge ^ | 10-14-12 | Egan-Jones via Zerohedge
    From Egan Jones: Synopsis: UNITED STATES (GOVT OF) EJR Sen Rating(Curr/Prj) AA-/ N/A Rating Analysis - 9/14/12 EJR CP Rating: A1+ Debt: $15.2B EJR's 1 yr. Default Probability: 1.2% Up, up, and away - the FED's QE3 will stoke the stock market and commodity prices, but in our opinion will hurt the US economy and, by extension, credit quality. Issuing additional currency and depressing interest rates via the purchasing of MBS does little to raise the real GDP of the US, but does reduce the value of the dollar (because of the increase in money supply), and in turn increase...
  • Moodys Text: To Downgrade US If No Deal To Cut Debt/GDP Ratio

    09/11/2012 9:54:40 AM PDT · by RoosterRedux · 6 replies
    forexlive.como ^ | 9/11/2012 | Market News International
    The following is the text of a statement Tuesday by rating agency Moodys: Budget negotiations during the 2013 Congressional legislative session will likely determine the direction of the US governments Aaa rating and negative outlook, says Moodys Investors Service in the report Update of the Outlook for the US Government Debt Rating. If those negotiations lead to specific policies that produce a stabilization and then downward trend in the ratio of federal debt to GDP over the medium term, the rating will likely be affirmed and the outlook returned to stable, says Moodys. If those negotiations fail to produce such...

    09/11/2012 6:49:26 AM PDT · by blam · 12 replies
    TBI ^ | 9-11-2012 | Sam Ro
    MOODY'S THREATENS TO CUT USA RATING WITHOUT DEAL TO CUT DEBT/GDP Sam RoSeptember 11, 2012Moody's is warning that it may cut the US government's credit rating from the Aaa to Aa1 if it is unable to negotiate a deal to materially reduce its federal debt to GDP ratio. Here's the annoucnement from Moody's: ------------------- Moody's issues update on the outlook for the US government's debt rating: Budget negotiations key Global Credit Research - 11 Sep 2012 New York, September 11, 2012 -- Budget negotiations during the 2013 Congressional legislative session will likely determine the direction of the US government's Aaa...
  • Illinois' credit rating downgraded after pension reform failure

    08/30/2012 5:26:52 AM PDT · by Zakeet · 24 replies
    Chicago Tribune ^ | August 30, 2012 | Monique Garcia
    Illinois' credit rating was downgraded by Standard & Poor's on Wednesday, a move that came after Gov. Pat Quinn's inability to persuade lawmakers to cut costs in the state's debt-ridden public employee pension system. The agency lowered the state's credit rating from A+ to A, citing a "lack of action" on changes aimed at decreasing the pension system's unfunded liability, which could hit $93 billion by next summer if nothing is done. Standard & Poor's also gave Illinois a "negative outlook," saying the state's budget future remains uncertain. It's unclear what impact the new rating will have on Illinois' pocketbook,...
  • A Downgrade for Illinois-The worst credit rating aside from California

    08/30/2012 5:00:43 AM PDT · by TurboZamboni · 10 replies
    In recent years a wave of new reform Governors has washed over the Midwest, but it did skip a few states. Among them is Illinois, which now has the worst credit rating of any state besides California. Voters may want to pay attention. On Tuesday, Standard & ...
  • Stocks fall off a cliff as Moody's downgrades 15 international banks

    06/22/2012 6:37:17 AM PDT · by SeekAndFind · 13 replies
    American Thinker ^ | 06/22/2012 | Rick Moran
    Moody's Investor Service cut the credit rating of the 6 largest US banks with international arms. In anticipation of this, and on general economic jitters, stocks tanked 251 points in the second worst day of trading this year. The downgrade of US banks reflects growing concern about the global economy and the exposore of US companies to the european debt crisis. Wall Street Journal: The Moody's Corp. unit reduced Morgan Stanley's rating to Baa1, which is three notches above the junk, or noninvestment grade, status that many bond buyers avoid. The move stands to add to the company's borrowing costs...

    06/21/2012 1:32:22 PM PDT · by SeekAndFind · 44 replies
    Business Insider ^ | 06/21/2012 | Eric Platt
    Moody's Ratings is set to downgrade the world's largest banks at 4 p.m., according to new reports out of CNBC. The network says sources tell it Citi, J.P. Morgan Chase, and Goldman Sachs will be hit with two notch downgrades. Bank of America is expected to be cut one notch by Moody's. Morgan Stanley, which is also on the list of banks Moody's said it would take action against, is said to be downgraded as well. Nine European banks are expected to be included in the downgrade, which earlier reports noted would include Barclay's, UBS, HSBC, Lloyd's, and RBS.
  • Egan-Jones cuts U.S. rating (based) on debt burden (AA -- now only 3rd highest rating)

    04/06/2012 9:16:39 AM PDT · by xzins · 41 replies
    Reuters ^ | Apr 6 | Richard Leong
    NEW YORK, April 6 (Reuters) - Egan-Jones Ratings downgraded the credit level of the United States as Washington has struggled to reduce the federal debt burden, which is projected to surpass the size of the country's economy. The independent rating firm, which issued the downgrade late Thursday, said its senior debt rating on the United States is now AA, its third highest rating, down one notch from AA-plus. It also maintained a negative watch on the world's biggest economy as the federal debt load could rise to $16.7 trillion at the end of 2012. U.S. gross domestic product, in the...
  • Moody's Warns 17 Banks of Downgrade Credit Suisse, UBS And Morgan Stanley Could Fall 3 Levels

    02/16/2012 9:04:45 AM PST · by SeekAndFind · 5 replies
    Business Insider ^ | 02/16/2012 | Sam Ro
    Moody's announced that it may soon downgrade the long-term credit ratings of 17 of the largest banks in the world. "Capital markets firms are confronting evolving challenges, such as more fragile funding conditions, wider credit spreads, increased regulatory burdens and more difficult operating conditions," wrote the credit ratings agency in a statement. "These difficulties, together with inherent vulnerabilities such as confidence-sensitivity, interconnectedness, and opacity of risk, have diminished the longer term profitability and growth prospects of these firms." Credit Suisse, Morgan Stanley and UBS could be downgraded by up to three notches. Barclays, BNP Paribas, Citigroup, Credit Agricole, Deutsche Bank,...
  • Moody's Downgrades Italy, Spain, Portugal And Others; Puts UK, France On Outlook Negative

    02/13/2012 3:27:34 PM PST · by SeekAndFind · 10 replies
    Zero Hedge ^ | 02/13/2012 | Tyler Durden
    You know there is a reason why Europe just came crawling with an advance handout looking for US assistance: Moody's jsut went apeshit on Europe. In other news, we wouldn't want to be the company that insured Moody's Milan offices.Full release:Moody's adjusts ratings of 9 European sovereigns to capture downside risksAs anticipated in November 2011, Moody's Investors Service has today adjusted the sovereign debt ratings of selected EU countries in order to reflect their susceptibility to the growing financial and macroeconomic risks emanating from the euro area crisis and how these risks exacerbate the affected countries' own specific challenges.Moody's...
  • Moody's adjusts ratings of 9 European sovereigns to capture downside risks (negative on 9!)

    02/13/2012 3:27:17 PM PST · by dynachrome · 8 replies · 1+ views ^ | 2-13-12 | Moodys
    Moody's actions can be summarised as follows: - Austria: outlook on Aaa rating changed to negative - France: outlook on Aaa rating changed to negative - Italy: downgraded to A3 from A2, negative outlook - Malta: downgraded to A3 from A2, negative outlook - Portugal: downgraded to Ba3 from Ba2, negative outlook - Slovakia: downgraded to A2 from A1, negative outlook - Slovenia: downgraded to A2 from A1, negative outlook - Spain: downgraded to A3 from A1, negative outlook - United Kingdom: outlook on Aaa rating changed to negative Please see the individual country specific statements below for more detailed...
  • Stocks at Lows, 34 Italian Banks Downgraded

    02/10/2012 12:39:12 PM PST · by Signalman · 2 replies
    CNBC ^ | 2/10/2012 | JeeYeon Park
    Stocks accelerated their losses Friday, on track to logging their worst session this year, after stalled debt negotiations in Greece, some disappointing economic news and reports that S&P downgraded a handful of Italian banks. In the latest round of disappointment from the euro zone, ratings agency S&P downgraded 34 of 37 Italian banks, including banking giant UniCredit, citing worries over the banking industry and economic risks in the country. The move comes after the ratings agency's downgrade of Italy's sovereign rating in January to BBB+, along with downgrades of nine other euro zone countries. All three major averages are on...
  • S&P Threatens US With Another Downgrade In As Little As 6 Months

    02/08/2012 11:58:13 AM PST · by Qbert · 11 replies
    Zero Hedge ^ | 02/08/2012 | Tyler Durden
    <p>Will A be the new AA+? Perhaps, if the S&P follows through with its latest threat. Bloomberg reports that [Bloomberg material cannot be posted here] . . . .</p>

    01/27/2012 12:05:37 PM PST · by blam · 3 replies
    TBI ^ | 1-27-2012 | Simone Foxman
    FITCH GOES ON RAMPAGE: CUTS SPAIN, ITALY, BELGIUM, CYPRUS, AND SLOVENIA Simone Foxman January 27,2012 Fitch just cut the long-term issuer ratings of 5 EU countries: Belgium: AA+ to AA Spain: AA- to A Italy: A+ to A- Cyprus: BBB to BBB- Slovenia: AA- to A It affirmed Ireland's BBB+ rating with a negative outlook. Borrowing costs have been sinking for these countries latelyparticularly for Italy and Spainafter the European Central Bank announced liquidity support measures in early December that have lessened mounting worries about the health of the banking system. While Fitch says that it supports EU leaders actions...
  • (EU Economic Commissioner Olli) Rehn slams inconsistent credit rating downgrades

    01/14/2012 9:24:33 AM PST · by Olog-hai · 3 replies
    EurActiv ^ | 14 January 2012 | Jeremy Fleming
    France and Austria lost their triple-A credit ratings yesterday evening—an ill-starred Friday 13th January—as seven other eurozone countries were also downgraded by US-based credit rating agency Standard & Poor’s (S&P). The move was described by European leaders as “political” and “inconsistent”, and China claimed the move cast doubt on the credibility of credit ratings agencies. The two triple-A economies were nudged down one notch by S&P, to AA+, but retain top AAA rating from the other two main ratings agencies, Moody's and Fitch. Two notches were struck from the ratings of Italy (to BBB+), Spain (to A), Cyprus (to BB+)...
  • Obama to ask for increase to debt ceiling in a 'matter of days'

    01/10/2012 12:09:12 PM PST · by ColdOne · 13 replies · 1+ views
    The Hill ^ | 1/10/12 | Amie Parnes
    The Obama administration will be asking Congress to raise the debt limit in the coming days, White House press secretary Jay Carney said on Tuesday. "I'm confident it will be executed in a matter of days, not weeks," he told reporters. The notification by the administration which had been scheduled for last month was delayed because Congress has been holding only pro forma sessions.
  • Europe on downgrade watch

    12/17/2011 6:06:41 PM PST · by Signalman · 1 replies
    CNNMoney ^ | 12/17/2011
    NEW YORK (CNNMoney) -- There's a good chance France and a few other euro area governments will have their credit ratings downgraded in the near future. That would mark another low point in Europe's long-running debt crisis, but it may not shock the markets. "The downgrades are likely to come sooner rather than later," said Ewen Cameron Watt, chief investment strategist for the BlackRock Investment Institute. "But we believe bond markets have largely factored them in for countries such as France, Italy and Spain." While the bond market may be prepared, the immediate response could be less sanguine in the...
  • S&P puts EU on review for possible downgrade (New downgrade threat to entire EU)

    12/07/2011 1:12:34 PM PST · by Qbert · 4 replies
    AP via CNBC ^ | 7 Dec 2011 | AP
    FRANKFURT, Germany - Ratings agency Standard & Poors says it's putting the European Union on review for a possible downgrade of its triple-A credit rating. The move Wednesday follows up on a similar action taken Dec. 5 in regard to 15 of the 17 members of the euro because of the eurozone's debt crisis.
  • Report: S&P to place ALL 17 Euro nations on downgrade warning

    12/05/2011 1:53:56 PM PST · by SeekAndFind · 7 replies
    Hotair ^ | 12/05/2011 | Tina Korbe
    Ahead of a planned summit of European Union leaders, the credit rating agency Standard & Poor’s has put all 17 Euro nations on review for a credit downgrade, which means France and Germany could lose the pristine AAA ratings they presently enjoy, Bloomberg News is reporting. The euro area’s six AAA rated countries are among the nations to be placed on a negative outlook pending the result of a summit of European Union leaders on Dec. 9, the people said today on condition of anonymity because the decision has yet to be announced. The euro reversed its gains and U.S. Treasuries rose...
  • Bank of America stock nearing $5 danger zone

    11/29/2011 4:49:30 PM PST · by rabscuttle385 · 23 replies
    CNN Money ^ | 2011-11-29 | Maureen Farrell
    NEW YORK (CNNMoney) -- Another trading day and another low for Bank of America's stock. Shares of Bank of America dropped more than 3% Tuesday, hitting a new 52-week low of $5.03 -- its lowest level since March 12, 2009. After the close of trading Tuesday, Bank of America was one of 37 financial institutions downgraded by S&P. Beyond the S&P downgrade, trading could become even more complicated in Bank of America's stock, if it falls below $5. Under that threshold, many broker-dealers will not allow investors to buy or short a stock on margin, according to a spokesperson for...
  • Fitch Ratings: Negative outlook for U.S. credit rating

    11/28/2011 4:30:49 PM PST · by ColdOne · 5 replies
    Politico ^ | 11/28/11 | JOSH BOAK
    Following the failure of the supercommittee, the U.S. governments AAA credit rating was placed on a negative outlook Monday by Fitch Ratings, indicating a more than 50 percent chance the country gets slapped with another downgrade in the next two years. By postponing the difficult decisions on tax and spending until after forthcoming congressional and presidential elections, the scale and pace of required deficit reduction will consequently be greater, Fitch said in a statement. Conversely, failure to reach agreement in 2013 on a credible deficit reduction plan and a worsening of the economic and fiscal outlook would likely result in...
  • Supercommittee failure could trigger US credit downgrade, economists warn

    11/18/2011 6:17:19 PM PST · by ColdOne · 25 replies ^ | 11/18/11 | Dominic Rushe
    Economists are warning of dire consequences if US politicians fail to make progress this weekend in tense talks aimed at reducing America's massive deficit ahead of a Wednesday deadline. The bi-partisan congressional super-committee is charged with drawing up plans for a $1.2tn reduction in the nation's deficit by the middle of next week. Failure to do so will trigger an automatic "sequester" that will make cuts of that size to defence and social welfare programmes starting in 2013. But the two sides seem far from finding a solution after clashing over tax revenues.
  • President Downgrade lectures Europe on austerity

    11/11/2011 7:54:03 AM PST · by Engraved-on-His-hands · 11 replies
    The Daily Mail [Charleston, WV] ^ | November 11, 2011 | Don Surber
    The president who is well on his way toward borrowing more money than any other president the first president to downgrade the nations credit had a late-night conference call with European leaders to chew them out for not meeting his standards when it comes to managing a nations money. From the London Daily Mail: Barack Obama has read the riot act to the leaders of several European countries saying more dramatic action is needed to avert a eurozone meltdown. The U.S. President made telephone calls to German Chancellor Angela Merkel, French President Nicolas Sarkozy and Italian President...

    07/13/2011 2:41:49 PM PDT · by kcvl · 58 replies
  • Monster Prediction From BofA: Another US Debt Downgrade Is Coming In Just A Few Weeks

    10/22/2011 9:17:42 AM PDT · by TigerLikesRooster · 19 replies
    Business Insider ^ | 10/22/11 | Joe Weisenthal
    Monster Prediction From BofA: Another US Debt Downgrade Is Coming In Just A Few Weeks Joe Weisenthal | Oct. 22, 2011, 7:04 AM | 4,055 | 48 In an analyst note, Bofa/ML Ethan S. Harris drops a bit of a bombshell prediction: We expect a moderate slowdown in the beginning of next year, as two small policy shocksanother debt downgrade and fiscal tighteninghit the economy. The not-so-super Deficit Commission is very unlikely to come up with a credible deficit-reduction plan. The committee is more divided than the overall Congress. Since the fall-back plan is sharp cuts in discretionary spending, the...
  • S&P Downgrades Spain One Notch, Citing Economic Woes

    10/13/2011 4:49:06 PM PDT · by TigerLikesRooster · 7 replies
    WSJ ^ | 10/13/11
    S&P Downgrades Spain One Notch, Citing Economic Woes OCTOBER 13, 2011, 7:13 P.M. ET DOW JONES NEWSWIRES Standard & Poor's Ratings Services on Thursday downgraded Spain a notch, citing increasingly unpredictable financing conditions that could squeeze a private sector already pressured by lackluster economic growth. The ratings cut is the latest blow to a large European sovereign's credit status after S&P last month downgraded Italy a notch, citing many of the same problems afflicting euro-zone economies. S&P expects the Spanish economy will grow at about 1% in real terms next year, a drop from the 1.5% pace it forecast in...
  • Fitch Downgrades UBS, Puts Morgan Stanley, Bank of America, Goldman, etc. on Negative watch

    10/13/2011 2:17:19 PM PDT · by SeekAndFind · 6 replies
    Zero Hedge ^ | 10/12/2011 | Ty
    Since one can not get a downgrade of a bank during market hours for fears of springing who knows what circuit breakers, Fitch had to wait until just after the market close to release its latest market surprise which consisted of a "watch negative" announcement on the following banks Barclays, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman, Morgan Stanley; others it just slashed some by multiple notches, among which: Landesbank Berlin IDR downgraded to A+ from AA-; Lloyds Banking Group IDR downgraded to A from AA-; RBS IDR downgraded to A from AA-; and most importantly UBS IDR downgraded...
  • MOODY'S DOWNGRADES BOFA: Says Governments More Willing Now To Let Banks Fail

    Just out... Bank of America has had its long-term senior debt cut to BAA1 by Moody's. The stock is off about 3%. It had been just barely down right before the news hit the wires. Read more:
  • Moody's Downgrades Bank of America ( to Baa1 from A2 )

    09/21/2011 9:52:51 AM PDT · by SeekAndFind · 5 replies
    Street Insider ^ | 09/21/2011
    Moody's Investors Service has downgraded the ratings of Bank of America Corporation's (NYSE: BAC) holding company to Baa1 from A2 for long-term senior debt and to Prime-2 from Prime-1 for short-term debt. The long-term deposit ratings of Bank of America N.A. (BANA) were downgraded to A2 from Aa3, while BANA's short-term rating was affirmed at Prime-1. The actions conclude a review for downgrade announced on June 2, 2011. The outlook on the long-term senior ratings remains negative. The downgrades result from a decrease in the probability that the US government would support the bank, if needed. Moody's believes that the...
  • S&P downgrades Italy as Greek austerity row forces global stock markets lower

    09/19/2011 4:03:20 PM PDT · by TigerLikesRooster · 10 replies
    Telegraph ^ | 09/19/11
    S&P downgrades Italy as Greek austerity row forces global stock markets lower Credit rating agency Standard & Poor's downgraded Italy late on Monday night, on a day when panic gripped global markets as a fresh showdown over Greece renewed fears that the eurozone will be plunged into crisis. The rating for Italy, which has Europes second-largest debt load, was lowered from A+, S&P said in a statement. The agency said Italythe country's net general government debt is the highest among A-rated sovereigns, and now expects it to peak later and at a higher level than it previously anticipated. In our...
  • Moodys downgrades French Banks -- SocGen, Credit Agricole (BNP Paribas Under Review)

    09/14/2011 6:39:23 AM PDT · by SeekAndFind · 2 replies
    Marketwatch ^ | 09/14/2011 | Simon Kennedy
    Moodys Investors Service on Wednesday downgraded French banks Credit Agricole SA and Societe Generale SA as the credit-rating company also said it has become increasingly concerned about the funding and liquidity needs of the lenders. Moodys had said in June that it was considering downgrading Frances top three listed banks because of their exposure to Greek debt and said Wednesday that it is still reviewing BNP Paribas. The announcements came after big swings for French-bank stocks in recent days amid reports that downgrades were imminent and as investors became increasingly nervous about the banks funding situation. Shares in Credit Agricole...
  • The Soprano State Gets Downgraded (Fitch Downgrades NJ even after Gov. Christie's reforms)

    08/24/2011 6:33:05 AM PDT · by SeekAndFind · 10 replies
    Real Clear Markets ^ | 08/24/2011 | Steve Malanga
    It sounds like a storyline out of some mob movie. Executives at a big employer with ties to powerful unions use the firm's pension funds for financial gimmicks, channeling money meant for the fund into other activities and then lying to investors about the health of the enterprise. But it's not an episode of The Sopranos. It's merely a description of the financial gimmicks used by politicians in New Jersey over the last decade, the only state ever cited for fraud in its financial disclosure statements by the Securities and Exchange Commission. Maybe it was all the attention fixed on...
  • Moody's cuts Japan rating, blames politics (to Aa3)

    08/23/2011 10:03:06 PM PDT · by TigerLikesRooster · 17 replies
    Reuters ^ | 08/24/11 | Rie Ishiguro
    Moody's cuts Japan rating, blames politics By Rie Ishiguro | Reuters TOKYO (Reuters) - Moody's Investors Service cut its rating on Japan's government debt by one notch to Aa3 on Wednesday, blaming a build-up of debt since the 2009 global recession and revolving-door political leadership that has hampered effective economic strategies. Japan is preparing to elect its sixth leader in five years to replace unpopular Prime Minister Naoto Kan, under fire for his handling of the response to a March tsunami and subsequent radiation crisis at a crippled nuclear power plant. The downgrade, while not out of the blue, served...
  • Shake Up at S&P [link only]

    08/22/2011 6:54:21 PM PDT · by the invisib1e hand · 5 replies
    self | 082211 | self
    Sharma on "special assignment"...(probably witness protection or something)...until he leaves at end of year "to pursue other opportunities." McGraw-Hill said Douglas Peterson will become president of Standard & Poors beginning Sept. 12.
  • S&P downgrades Venezuela

    08/19/2011 4:58:07 PM PDT · by tsowellfan · 6 replies
    Birds of a feather S & P downgrades Obamas and Chavezs handling of economy NEW YORK - Standard & Poor's downgraded Venezuela's credit ratings as it implemented a new methodology more heavily focused on political risk -- a key weakness in the oil-producing country. S&P cut Venezuela's long-term sovereign rating to B-plus from BB-minus. The outlook on the new rating is stable.
  • Justice Dept. Investigating S.&P. Over Mortgages (Payback Time)

    08/17/2011 7:15:40 PM PDT · by tobyhill · 22 replies
    ny times ^ | 8/17/2011 | Louise Story
    The Justice Department is investigating whether the nations largest credit ratings agency, Standard & Poors, improperly rated dozens of mortgage securities in the years leading up to the financial crisis, according to two people interviewed by the government and another briefed on such interviews. The investigation began before Standard & Poors cut the United States AAA credit rating this month, but it is likely to add fuel to the political firestorm that has surrounded that action. Lawmakers and some administration officials have since questioned the agencys secretive process, its credibility and the competence of its analysts, claiming to have found...