Tag: rating

Moody’s downgrades Portugal’s debt to junk status

Moody’s downgrades Portugal’s debt to junk status

July 6, 2011 | 0 Comments More
Moody’s: UK’s top-notch rating at risk

Moody’s: UK’s top-notch rating at risk

Credit rating agency Moody’s has today said Britain’s AAA rating is at risk if growth remains weak and the Government’s budget deficit reduction plans fail to meet target. The announcement sent sterling below €1.12 for the first time in four weeks and also lost ground against the US dollar. Weak economic growth has led many [...]

June 8, 2011 | 0 Comments More
Moody’s downgrades Irish banks to junk status

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 [...]

April 18, 2011 | 0 Comments More
S&P downgrades Greece rating

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 [...]

March 29, 2011 | 0 Comments More
Moody’s downgrades Spain’s debt rating

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 [...]

March 10, 2011 | 0 Comments More
Moody’s warns Portugal rating may be cut

Moody’s warns Portugal rating may be cut

Moody’s Investor Service has today put Portugal under review, warning that it may cut its rating by one or two notches. Investors have been nervous over recent weeks as Portugal’s borrowing costs surge and there have been suggestions that it might be forced to seek an emergency bailout, like Greece and Ireland. However, the country’s [...]

December 21, 2010 | 0 Comments More
Moody’s lowers ratings on five Irish banks

Moody’s lowers ratings on five Irish banks

Moody’s Investors Service has today downgraded the ratings on five Irish banks - Allied Irish Banks, Bank of Ireland, EBS Building Society, Irish Life and Permanent and Irish Nationwide Building Society. The downgrade came after Moody’s last week slashed Ireland’s credit rating by five notches to Baa1, from Aa2 – citing ongoing uncertainties over the [...]

December 20, 2010 | 0 Comments More
Moody’s warns Spanish rating may be cut

Moody’s warns Spanish rating may be cut

Ratings agency Moody’s today announced it has put Spanish bonds on watch for a possible downgrade due to its high funding requirements. However, the agency said it does not expect Spain to turn to the EU fund for a bailout. In a statement, Moody’s lead analyst on Spain Kathrin Muehlbronner, said: “Moody’s does not believe [...]

December 15, 2010 | 0 Comments More
Moody’s downgrade Spanish debt to Aa1

Moody’s downgrade Spanish debt to Aa1

Credit rating agency Moody’s has downgraded Spain’s credit rating today - just a day after unions held a general strike to protest against tough austerity measures. Like many other euro zone nations, Spain has introduced austerity measures, aimed at cutting its budget deficit, which is currently 11% of GDP. Spain aims to reduce the deficit [...]

September 30, 2010 | 0 Comments More
August public sector borrowing higher than expected

August public sector borrowing higher than expected

The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £15.302 billion in August - a record high for the month. The figure was higher as interest payments on gilts rose because of higher inflation. It was also much higher than the £12.51 billion expected by analysts. However, despite this, receipts [...]

September 21, 2010 | 0 Comments More
Moody’s downgrades Ireland rating to Aa2

Moody’s downgrades Ireland rating to Aa2

July 19, 2010 | 0 Comments More
Mortgage constraints & economic uncertainty bedevil new housing market

Mortgage constraints & economic uncertainty bedevil new housing market

Barratt Developments completed 11,377 homes in the year to the end of June, down from 13,277 in the previous 12 month period. Private completions fell to 9,455, compared with 11,133 in 2008/09; social housing completions stood at 1,870 as against 2,069 and joint ventures were down from 75 to 52. However, the developer’s cancellation rate [...]

July 15, 2010 | 0 Comments More
Euro falls on Portugal debt rating downgrade

Euro falls on Portugal debt rating downgrade

Credit rating agency Moody’s Investor Service has today cut Portugal’s debt rating by two notches, sending the euro down against the dollar and the pound. Moody’s downgraded Portugal’s rating by two notches to A1, citing weak growth and suggesting it may need fresh austerity measures next year to reach fiscal targets. However, in a statement, [...]

July 13, 2010 | 0 Comments More
S&P affirms “AAA” rating for UK

S&P affirms “AAA” rating for UK

Rating agency Standard & Poor’s (S&P) today affirmed its “AAA” long-term rating on Britain but maintained its negative outlook on the long-term rating. Following the news, the pound fell to $1.5017 from $1.5068. Commenting on its announcement, S&P analysts Trevor Cullinan and David Beers, said: “The coalition government has set out what we view as [...]

July 12, 2010 | 0 Comments More
S&P’s changes UK outlook to negative

S&P’s changes UK outlook to negative

Credit rating agency, Standard & Poor’s (S&P), has revised its outlook for the UK from ‘stable’ to ‘negative’ following the announcement that Government borrowing soared to almost £8.5 billion in April. Official figures show that public sector net borrowing rose to £8.46 billion last month, more than four times the £1.84 billion figure in April [...]

May 21, 2009 | 0 Comments More
Lithuanian economy contracts by 12.6%

Lithuanian economy contracts by 12.6%

Lithuania, which is in the worst recession since 1993, has been hit by declining industrial output, weakening demand for exported goods, a shortage of credit and falling wages. As a result, the country’s economy contracted by 12.6% in the first three months of the year, compared with the first three months of 2008, and is [...]

April 28, 2009 | 0 Comments More
Moody’s downgrades building societies to near junk-bond status

Moody’s downgrades building societies to near junk-bond status

Ratings agency Moody’s have downgraded several building societies due to concerns they will be hit by losses due to the housing market slump. The building societies that have been downgraded include Chelsea Building Society, downgraded from a C to E+, while West Bromwich has fallen from C- to E+. Furthermore, Britannia, Newcastle, Norwich and Peterborough, [...]

April 15, 2009 | 0 Comments More