Banking, finance, and taxes
S&P Lives Up To Downgrades Of France, Austria, Italy, Spain, & Portugal
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Standard & Poor’s managed to live up to the rumor mill’s expectations on this Friday the 13th. S&P has now formally downgraded several European nations’ sovereign credit ratings. France and Austria have both lost their prized Triple-A rating from S&P, and the new inbvestment-grade ratings are both at AA+. Elsewhere, the PIIGS got their share of cuts again. S&P handed out downgrades to the nations:
- Spain is “A” rated
- Italy is now rated BBB+
- Portugal was downgraded to Junk with a “BB” rating
It was back in early December that S&P put these nations on CreditWatch Negative. This news was telegraphed throughout the trading day and was largely responsible for the market sell-off today.
JON C. OGG
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