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21st of November 2010
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News Tag: Fitch

October 6, 2010

Ireland’s debt rating cut by Fitch

by Kay Murchie
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 ...




June 15, 2010

Fitch cuts BP credit rating amid debt fears

by Kay Murchie
Fitch cuts BP credit rating amid debt fears
Credit rating agency Fitch has today downgraded BP’s rating by six notches, from AA to BBB. The downgrade comes as the oil giant continues to battle to contain the oil leak in the Gulf of Mexico which has resulted in the company's shares plunging in value. Commenting on the downgrade, Fitch said it is concerned about BP's ability to repay ...




Moody’s downgrade Greece to ‘junk’ status

by Kay Murchie
Moody’s downgrade Greece to ‘junk’ status
Moody's credit rating agency has cut Greece’s credit rating to “junk” status from A3 to Ba1 but said the outlook is stable. Meanwhile, the agency also downgraded the country’s short-term issuer rating to not-prime from Prime-1. According to Moody’s, there was still "considerable uncertainty" surrounding the impact of tough austerity measures implemented to slash the country's budget deficit. Greece is attempting to cut ...




June 8, 2010

Fitch warns of “formidable” challenge for UK

by Kay Murchie
’Fitch
Credit rating agency Fitch today warned that the UK needs a more ambitious deficit reduction plan, in view of the events in the euro zone. The pound fell against the dollar after Fitch’s comments, by 1% to $1.437. According to Fitch, the pace of the deficit reduction needs to be quicker than that announced by the previous Labour Government in ...




May 30, 2010

Further blow for Spain as Fitch cut rating

by Kay Murchie
Further blow for Spain as Fitch cut rating
Fitch Ratings cut Spain's credit rating from the maximum AAA to AA+ on Friday and the news comes just a week after one of the country’s banks, CajaSur, was bailed out. Standard & Poor's cut Spain’s credit rating a month ago and comes as the country has been forced to implement tough austerity measures in order to tackle the country’s ...




May 6, 2010

Rating agency warns of ‘contagion risk’ from Greek debt crisis

by Kay Murchie
Rating agency warns of ‘contagion risk' from Greek debt crisis
Credit rating agency, Moody’s, has today warned that the credit rating of banks in Britain, Ireland, Italy, Portugal and Spain are at risk of being damaged because of "contagion" from the Greek debt crisis. Asian shares have already fallen sharply today as fears mount that the crisis would spread to other European countries. Meanwhile, Moody's said banking systems faced ...




May 5, 2010

Credit rating agencies to be investigated after euro zone downgrades

by Kay Murchie
Credit rating agencies to be investigated after euro zone downgrades
Michel Barnier, the European Internal Markets Commissioner, has pledged to investigate credit rating agencies after a series of downgrades to Greece’s debt. Mr Barnier told the European Parliament he had been surprised by the rapid deterioration of Greece's rating. Last week, Greece became the first euro zone nation to have its debt downgraded to “junk” status, while ...




April 14, 2010

Portugal warned over budget deficit

by Kay Murchie
Portugal warned over budget deficit
The European Commission has warned that additional measures may need to be taken by Portugal in order to cut its budget deficit. Like Greece, Portugal’s public finances are in a dire state and last month, international credit rating agency, Fitch, cut the country’s credit rating to ‘AA-’ with a negative outlook. According to Fitch, Portugal’s prospects for recovery are weaker than its fellow ...




April 11, 2010

Hopes for Greece as details of rescue plan outlined

by Kay Murchie
Hopes for Greece as details of rescue plan outlined
There are hopes for Greece today after leaders of the euro zone nations have agreed to provide emergency loans to the debt-ridden country. However, Luxembourg Prime Minister Jean-Claude Juncker, speaking for euro zone finance ministers, said that the euro zone countries had not decided to activate the loans, as this would depend on a decision by the Greek Government. ...




April 9, 2010

Greece credit rating downgraded by Fitch

by Kay Murchie
Greece credit rating downgraded by Fitch
Greece’s woes intensified today after ratings agency Fitch downgraded the country’s credit rating amid fears over its rescue plan. Fitch downgraded Greece's rating by two notches, from BBB+ to BBB-, as the cost of Greek borrowing continues to soar. The BBB- rating is significant since it is the lowest rating that qualifies as an investment grade bond. Last month a deal was ...




March 26, 2010

Euro up after Greece aid package

by Kay Murchie
Euro up after Greece aid package
The euro has recovered from a 10-month low today after the two-day EU summit, which commenced in Brussels yesterday, saw a deal reached to help Greece through its debt crisis. According to Brussels, the package will total €22 billion (£20 billion) and will include help from the International Monetary Fund (IMF). So far the euro zone has avoided seeking an IMF loan ...




March 24, 2010

Fitch Ratings downgrades Portugal’s sovereign debt

by Kay Murchie
...




February 1, 2010

Russia’s economy contracts 7.9% in 2009

by Kay Murchie
...




December 17, 2009

Greece sees further downgrade in credit rating

by Kay Murchie
Greece sees further downgrade in credit rating
International ratings agency, Standard & Poor's (S&P;), has cut Greece's credit rating by one notch, to BBB+ from A-minus. The downgrade came just a few hours after the Greek government unveiled measures including a 10% cut in public spending. Last week, credit rating agency, Fitch, also cut Greece’s sovereign debt rating to a decade-low to BBB+ from A- with a negative ...




December 8, 2009

Fitch cuts Greece’s sovereign debt rating

by Kay Murchie
Fitch cuts Greece’s sovereign debt rating
Credit rating agency, Fitch, has cut Greece's sovereign debt rating to a decade-low to BBB+ from A- with a negative outlook. Greece, which is the euro zone's weakest economy, has the highest debt of the 16-member bloc and the downgrade comes after recent warnings by two other agencies that they were considering such measures. The news of the downgrade had a negative ...




October 9, 2009

UK house prices yet to fall by 20%

by Gill Montia
”UK
A new report from a leading credit rating agency makes uncomfortable reading for UK homeowners. According to Fitch, UK house prices have yet to topple 20% before bottoming out some time in 2010. A peak to trough fall of 30% is expected by the firm, plunging millions of households into negative equity as the average property value declines to around ...




June 24, 2009

Negative equity afflicts “prime” homeowners

by Gill Montia
”Negative
Northern Rock is leading the field in "prime" mortgages that have fallen into negative equity. A new report from ratings agency, Fitch, reveals that almost one in six households at the upper end of the UK property market have home loans that exceed the value of their properties. In the case of the state-owned Northern Rock, 32% of its Granite prime-loan book is in ...