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27th of July 2011
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News Tag: downgrade

July 15, 2011

S&P may downgrade US AAA rating

by Kay Mitchell
Standard & Poor's (S&P;) has warned it may lower the US triple-A debt rating if a deal to lift the Government’s $14.29 trillion borrowing limit is not agreed soon. The news comes just one day after fellow ratings agency Moody’s said there is a risk of a possible downgrade. Both warnings come as tense negotiations in Washington enter the fifth day ...

July 14, 2011

Moody’s may downgrade US AAA debt rating

by Kay Mitchell

June 29, 2011

IMF downgrades US economic growth

by Kay Mitchell
The International Monetary Fund (IMF) has today downgraded its forecast for the US economy expecting growth of 2.5% this year and 2.7% next year. The forecast for next year is below the Federal Reserve’s prediction of 3.3%. The Washington-based Fund was providing its annual review of the world’s largest economy and is warning the US to come to an agreement to lift the Government’s ...

June 18, 2011

IMF downgrades UK economic growth

by Kay Mitchell
The International Monetary Fund (IMF) has warned of risks facing the world economy. However, on a positive note, it maintained its global growth forecasts, expecting the world economy to grow at a rate of 4.3% this year and 4.5% in 2012. In its World Economic Outlook, it upgraded its growth forecast for Germany from 2.5% to 3.2% after recent growth has exceeded expectations. It ...

June 8, 2011

IMF downgrades Japanese economic growth

by Kay Mitchell
The International Monetary Fund (IMF) has downgraded its growth prospects for the world’s third largest economy. The Fund expects the Japanese economy to contract by 0.7% in 2011, much lower than its previous estimate of 1.4%. The IMF said it lowered its growth forecasts because of March’s earthquake and tsunami. The twin disasters caused billions of pounds worth of damage and have impacted on ...

June 2, 2011

Moody’s downgrades Greece credit rating further

by Kay Mitchell
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 25, 2011

Nationwide reports rise in underlying pre-tax profits

by Kay Mitchell
Britain’s largest building society, Nationwide, has today posted a surge in underlying pre-tax profits. Nationwide said pre-tax profits fell 7% to £317 million – primarily due to accounting changes. However, underlying profits surged 30% to £276 million in the year to 4 April. Meanwhile, the amount written off for bad loans to customers dropped by more than a third to £359 ...

May 24, 2011

14 UK banks could see credit rating cut

by Kay Mitchell
Moody's Investors Service has today announced it is reviewing 14 UK banks and building societies for downgrade due to the withdrawal of Government support. Elisabeth Rudman, a Moody's Senior Credit Officer, said: "It has been initiated in response to ongoing guidance from the UK authorities (the Bank of England, the Financial Services Authority and the Treasury) that banks that fail ...

April 18, 2011

Moody’s downgrades Irish banks to junk status

by Kay Mitchell
Moody's downgrades Irish banks to junk status
Ratings agency Moody's has downgraded its rating of Irish banks by two notches to junk status. The downgrade comes just a week after Moody's downgraded Ireland's sovereign debt rating. Today's downgrade means Bank of Ireland is now rated Ba1 while AIB, EBS and Irish Life & Permanent are rated Ba2. Moody’s said there is a high level of uncertainty about whether the Government would ...

April 13, 2011

Japanese Government downgrades growth amid twin disasters

by Kay Mitchell
Following the 8.9 magnitude earthquake and tsunami on 11 March, the Japanese Government has today downgraded its growth forecast for the economy. The twin disasters have caused billions of pounds worth of damage and is set to impact on the country’s economic growth. As a result, the Japanese Government has downgraded its assessment of the economy and said core areas, such as ...

April 7, 2011

Moody’s could cut ratings on British banks

by Kay Mitchell
Moody's could cut ratings on British banks
Moody’s rating agency has revealed it is investigating how the UK's biggest banks would manage business without Government support. The agency said it may downgrade the debt of its ratings of up to 18 UK banks to reflect the lower chance of a future Government bail-out. According to the agency, those at risk are the smaller banks and building societies. The rating ...

April 6, 2011

Moody’s downgrades Portuguese banks prior to debt sale

by Kay Mitchell
Moody’s downgrades Portuguese banks prior to debt sale
Portugal is looking to sell as much as €1 billion in short-term Government debt today - in a bid to help service its debts. The Government is expected to be able to issue 6 and 12-month treasury bills but the debt auction comes after Moody’s downgraded the credit ratings of seven Portuguese banks citing weakened financial strength. The agency downgraded the ...

April 5, 2011

Moody’s downgrades Portuguese Government debt

by Kay Mitchell
Moody's downgrades Portuguese Government debt
Moody's Investors Service has today downgraded Portugal's debt rating, for the second time in less than a month, by one notch to Baa1 from A3. Moody’s also warned that a further downgrade is possible as a bailout becomes increasingly likely for the debt-laden country. It said the downgrade was "driven primarily by increased political, budgetary and economic uncertainty". Last week, the Portuguese Government announced it ...

April 2, 2011

Ireland suffers further downgrade on debt concerns

by Kay Mitchell
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 29, 2011

S&P downgrades Greece rating

by Kay Mitchell
S&P downgrades Greece rating
Standard & Poor's (S&P;) today downgraded its rating on Greece’s long-term debt by two notches to BB- from BB+, taking the nation’s debt deeper into junk status. The downgrade comes shortly after Moody's cut Greece's rating to B1, one notch below S&P;'s new rating. The downgrade is a further blow to the euro zone as bailout pressure continues to mount for Portugal after borrowing ...

March 16, 2011

Moody’s cut Portugal sovereign debt rating

by Kay Mitchell
Portugal has had its sovereign debt rating downgraded by Moody’s by two notches to A3 from A1 and kept the rating on a negative outlook - suggesting further downgrades are possible. According to the ratings agency, it might have to downgrade again as a result of high borrowing costs and the difficulty of meeting fiscal targets. The downgrade comes at a time of ...

March 10, 2011

Moody’s downgrades Spain’s debt rating

by Kay Mitchell
Moody’s downgrades Spain's debt rating
Spain has been dealt a further blow today after Moody’s ratings agency cut the country’s debt by one notch to Aa2 from Aa1. In a statement, the agency said: "(Moody's) believes there is a meaningful risk that the eventual cost of the recapitalisation effort could considerably exceed the government's current projections." The downgrade comes just a few days after Moody’s cut Greece’s credit rating ...

March 7, 2011

Moody’s slash Greece’s credit rating further

by Kay Mitchell

January 27, 2011

Japan’s credit rating cut to AA-

by Kay Mitchell
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 ...

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