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News Tag: credit rating

December 19, 2012

Less than half of Brits considered creditworthy

by Jan Harris
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit application turned down. Since the financial ...




June 25, 2012

NatWest customers still facing problems

by Jan Harris
NatWest customers still facing problems
Last week’s computer error is expected to continue causing problems for customers of Royal Bank of Scotland, NatWest and Ulster Bank until Tuesday, the bank said yesterday. The problems started after a software update was carried out on Tuesday. The update stopped transactions going in and out of customers’ accounts during the night, leaving customers unable to access their money. Although the ...




June 20, 2012

Cards launched for customers with low credit rating

by Jan Harris
Cards launched for customers with low credit rating
SAV Credit, which offers credit cards to customers who have been turned away by High Street Banks, has launched two new products. The aqua Reward and aqua Advance cards are available to customers with a poor credit rating and offer credit limits of up to £1,600. The aqua Advance card offers a reduced rate of 5 per cent a year for ...




May 21, 2012

FSCS reassures Santander customers

by Jan Harris
FSCS reassures Santander customers
The Financial Services Compensation Scheme (FSCS) will protect depositors in Santander, the scheme’s chief executive, Mark Neale, said. Deposits up to the value of £85,000 are protected by the scheme and savers with more than this amount should distribute the money across different banks and building societies, to ensure that the total amount is protected. Mr Neale was speaking to reassure investors that ...




November 28, 2011

OECD warns of UK recession and unemployment

by Jan Harris
OECD warns of UK recession and unemployment
The Organisation for Economic Cooperation and Development (OECD) has cut its global growth forecast for next year to 3.4 per cent and has warned that the UK will follow Europe into recession. The organisation also predicts that unemployment in the UK will reach 9.1 per cent by 2013. Yesterday the Ernst & Young ITEM Club, a non-governmental economic forecasting ...




June 21, 2011

Greek PM faces confidence vote

by Kay Mitchell
”Greek
Later today, Greece’s Prime Minister, George Papandreou, faces a confidence vote after the crisis-torn country needs to introduce further austerity measures in order to avoid the euro zone's first sovereign debt default. EU leaders are insistent that the PM secure support for the measures that are a condition of the latest instalment of financial aid. If the cabinet survives the vote, parliament will be ...




June 2, 2011

Moody’s downgrades Greece credit rating further

by Kay Mitchell
”Moody’s
Credit rating agency Moody’s has once again cut Greece’s credit rating by three notches into junk territory. The measures come after Moody’s said the country has a 50:50 chance of defaulting on its debts in the next five years. Moody’s said: "The first trigger for today's downgrade is Moody's view that Greece is increasingly likely to fail to stabilise its debt ratios within ...




May 10, 2011

S&P cuts Greek credit rating by two notches

by Kay Mitchell
S&P cuts Greek credit rating by two notches
Rating agency Standard & Poor's (S&P) has today downgraded Greece's credit rating by two levels from BB- to B – the fourth cut by S&P since April 2010. The yield on Greek 10-year bonds surged to 15.7% - more than double the level of a year ago when the country was forced to accept an international bailout. The downgrade comes ...




April 2, 2011

Ireland suffers further downgrade on debt concerns

by Kay Mitchell
”Ireland
Standard & Poor's has cut Ireland’s credit rating by one notch to BBB+ from A- citing debt concerns but said further downgrades were now unlikely following recent stress tests. The ratings agency also said the outlook is stable and believes that the Irish economy is “set to gradually recover”. S&P credit analyst Frank Gill comments: "The outlook is now stable, reflecting ...




March 7, 2011

Moody’s slash Greece’s credit rating further

by Kay Mitchell
...




January 31, 2011

Japanese factory output posts strong rise in December

by Kay Mitchell
”Japanese
Japan’s industrial production rose in December by 3.1% - beating expectations of a 2.9% gain. The rise also represented the strongest in 11 months - boosted by global demand for the nation’s goods. As a result, The Ministry of Economy, Trade and Industry said production is now "showing signs of an upward movement" compared with its statement last month which said ...




January 27, 2011

Japan’s credit rating cut to AA-

by Kay Mitchell
”Japan’s
Standard & Poor's (S&P) has today cut Japan’s credit rating from AA to AA-, the first time in nine years such measures have been taken. The credit rating agency cited the country’s mounting debt worries for the downgrade. Japan’s debt currently stands at almost twice the country's annual economic output - this compares with 136.8% for Greece and 112.7%. Japanese debt is the ...




December 17, 2010

Moody’s slashes Ireland credit rating five notches

by Kay Mitchell
...




October 27, 2010

Interest rates expected to be lifted in short-term

by Kay Mitchell
’Interest
Economists have warned that interest rates could rise sooner than expected - and the warning came hot on the heels of a double dose of good news for the UK economy. Yesterday, the Office for National Statistics (ONS) revealed UK economic growth for the third quarter slowed to 0.8%, albeit double the rate analysts had forecast. Economists had expected economic growth ...




October 6, 2010

Ireland’s debt rating cut by Fitch

by Kay Mitchell
Ireland's debt rating cut by Fitch
Ireland received yet another blow today after credit agency Fitch cut the country’s debt rating to A+ from AA- with a negative outlook. Fitch said the downgrade was due to massive banking bailouts, which have drained the economy, as well as uncertainty surrounding the fragile recovery. Fitch also cut the short-term foreign currency issuer default rating to F1 from F1+. The move comes just ...




September 29, 2010

Anglo Irish Bank in fresh bailout

by Kay Mitchell
Anglo Irish Bank in fresh bailout
Anglo Irish Bank, is expected to receive €5 billion (£4.24 billion) from the Irish Government, in a fresh bailout for the troubled lender. The news comes as investors have fresh worries over Ireland's financial health. Earlier this week, Anglo Irish had its debt rating slashed by credit agency Moody’s. Moody’s cut the bank’s senior unsecured debt by three notches to Baa3 – just ...




September 27, 2010

Anglo Irish debt rating cut by Moody’s

by Kay Mitchell
”Anglo
Troubled lender, Anglo Irish Bank, has today had its debt rating slashed by credit agency Moody's, sending the euro down against the US dollar. Moody's cut the bank's senior unsecured debt by three notches to Baa3 - just one notch above junk status. It also downgraded Anglo Irish's subordinated debt by six notches to Caa1. The bank, which was nationalised in January 2009, ...




September 20, 2010

Moody’s: UK credit rating safe

by Kay Mitchell
Moody’s: UK credit rating safe
Credit rating agency Moody's has today said the UK's top-ranked AAA credit rating is safe, as a result of the tough austerity measures, introduced by the coalition Government. Despite slower economic growth, the rating agency said the outlook for the UK's public finances remained stable. There have been fears that the tough measures, announced by Chancellor George Osborne in the emergency budget in June, ...




August 18, 2010

Coventry Building Society announces record results

by Kay Mitchell
”Coventry
Coventry Building Society, which is scheduled to finalise its merger with smaller rival Stroud & Swindon next month, has today announced record results for the six months ending June 30. The UK's third largest building society said pre-tax profit grew by 20% to £43.5 million - compared with £36.2 million in the same period a year ago. In the meantime, net mortgage lending ...




June 18, 2010

Moody’s join other agencies and downgrades BP’s credit rating

by Kay Mitchell
Moody’s join other agencies and downgrades BP’s credit rating
Oil giant BP suffered another blow today after Moody’s credit rating agency downgraded the company’s credit rating by three notches, from A2 to Aa2. The downgrade follows similar moves from the two other major international credit ratings agencies, Fitch and Standard & Poor's, who also downgraded the company‘s rating. In a statement today, Moody’s said it “has today ...