Monday, December 5, 2011

Just about Every Country in Europe Downgraded

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Probably would be simpler to name the ones S&P did not downgrade - it certainly wasn't just 6!  My twitter feed is naming countries I didn't know even existed ;)

Standard and Poor's (S&P) is reportedly set to put all 17 eurozone countries on "credit watch" due to fears over the impact of the debt crisis.

Slovak, Italy, Estonia, Germany, Belgium, Portugal, Finland, Malta, Germany, France, Holland (that's what I call 'em!) ... well you get the idea

Why?

We believe that these systemic stresses stem from five interrelated factors:
  1. Tightening credit conditions across the eurozone;
  2. Markedly higher risk premiums on a growing number of eurozone sovereigns, including some that are currently rated 'AAA';
  3. Continuing disagreements among European policy makers on how to tackle the immediate market confidence crisis and, longer term, how to ensure greater economic, financial, and fiscal convergence among eurozone members;
  4. High levels of government and household indebtedness across a large area of the eurozone; and
  5. The rising risk of economic recession in the eurozone as a whole in 2012. Currently, we expect output to decline next year in countries such as Spain, Portugal and Greece, but we now assign a 40% probability of a fall in output for the eurozone as a whole.


Austria (Republic of) Sovereign Credit Rating  AAA/Watch Neg/A-1+   AAA/Stable/A-1+
Belgium (Kingdom of) Sovereign Credit Rating   AA/Watch Neg/A-1+    AA/Negative/A-1+
Finland (Republic of) Sovereign Credit Rating   AAA/Watch Neg/A-1+   AAA/Stable/A-1+
France (Republic of) Sovereign Credit Rating   AAA/Watch Neg/A-1+   AAA/Stable/A-1+
Germany (Federal Republic of) Sovereign Credit Rating   AAA/Watch Neg/A-1+   AAA/Stable/A-1+
Luxembourg (Grand Duchy of) Sovereign Credit Rating   AAA/Watch Neg/A-1+   AAA/Stable/A-1+
Netherlands (The) (State of) Sovereign Credit Rating   AAA/Watch Neg/A-1+   AAA/Stable/A-1+
Long- and short-term ratings on CreditWatch negative
Estonia (Republic of) Sovereign Credit Rating   AA-/Watch Neg/A-1+   AA-/Stable/A-1+
Ireland (Republic of) Sovereign Credit Rating   BBB+/Watch Neg/A-2   BBB+/Stable/A-2
Italy (Republic of) Sovereign Credit Rating   A/Watch Neg/A-1      A/Negative/A-1 
Malta (Republic of) Sovereign Credit Rating   A/Watch Neg/A-1      A/Stable/A-1
Portugal (Republic of) Sovereign Credit Rating   BBB-/Watch Neg/A-3   BBB-/Negative/A-3
Slovak Republic Sovereign Credit Rating   A+/Watch Neg/A-1     A+/Positive/A-1
Slovenia (Republic of)  Sovereign Credit Rating   AA-/Watch Neg/A-1+   AA-/Stable/A-1+
  
Spain (Kingdom of)  Sovereign Credit Rating   AA-/Watch Neg/A-1+   AA-/Negative/A-1+
Short-term ratings on CreditWatch negative, long-term ratings still on
CreditWatch negative
Cyprus (Republic of) Sovereign Credit Rating   BBB/Watch Neg/A-3    BBB/Watch Neg/A-3

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