Investing
Egan-Jones Gives Sovereign Rating Downgrade For Germany
Published:
Last Updated:
You may not want to care any longer, but the implication is that you have to keep caring. You will probably have to keep caring about this for years as European ratings go down the tubes. The ratings agency Egan-Jones has now downgraded the sovereign credit rating of Germany. The old “AA-” rating was cut to “A+” in the move today.
The assumption of supporting the Euro endlessly to country after country. Fortunately the good news is that the market is giving this a low-impact value so far as Egan-Jones is being more critical than the larger ratings agencies.
- iShares MSCI Germany Index (AMEX: EWG) is up by 0.4% at $18.78 on the day and the closed-end fund of New Germany Fund Inc. (NYSE: GF) ip up 0.2% at $13.09.
- The Euro has dropped and the CurrencyShares Euro Trust (AMEX: FXE) is down $0.06 at $124.27.
- Siemens AG (NYSE: SI) is down 1.2% at $79.29 and Deutsche Bank AG (NYSE: DB) up 1.1% at $34.62.
We have warned you over and over that more sovereign credit rating downgrades will come to the PIIGS. You can likely count on more credit rating downgrades for the non-PIIGS Euro-Zone members as well. If the U.S. does not get its act together in Washington D.C. soon, we have already been warned that more credit rating downgrades are coming for Uncle Sam.
JON C. OGG
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
