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Europe
Moody's downgrades Spain's rating
2012-06-14
[Iran Press TV] Moody's Investors Service has downgraded the credit rating of Spain by three levels, days after the country secured 100 billion euros (125 billion dollars) to rescue its banks.

The credit rating agency said on Wednesday that the bailout "will further increase the country's debt burden, which has risen dramatically since the onset of the financial crisis," AFP reported.

Moody's cut three notches from A3 to Baa3, which is the lowest level of "investment grade" or just above "speculative" or "junk" grade.
Posted by:Fred

#7  The architects of the EMU and the euro asserted that one goal was to "counterbalance" the US and the dollar. In fact, the whole mess was predicated on, assumed, and required continued US strength and growth.

Some counterbalance, that can't hold itself up. I doubt there will be any Marshall Plan this time guys, sorry.
Posted by: RandomJD   2012-06-14 13:52  

#6  pulled most of my 401K money left in Janus Overseas Fund (JAOSX) this Spring. I see bad things abroad, and no real chance the PIGS+ will make the tough decisions (see: France) for an adult path correction. Before 2008, Janus kicked ass.
Posted by: Frank G   2012-06-14 11:10  

#5  They said it wasn't nearly enough. They need that Holland boy to plug some holes in their dikes.
Posted by: Dale   2012-06-14 06:55  

#4  The real rating should be ZZZ----

Black Hole Grade.

All the banks are basically insolvent.
Posted by: Bright Pebbles   2012-06-14 05:54  

#3  One more notch of downgrade and banks can't use them as part of their asset base, and of necessity sell all of them.

Truly a train wreck in slow motion.
Posted by: phil_b   2012-06-14 05:45  

#2  Financial bail-outs have a negative effect on credit ratings. Who knew ?
Posted by: Besoeker   2012-06-14 04:11  

#1  Ay caramba!!
Posted by: g(r)omgoru   2012-06-14 03:56  

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