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26th of July 2011
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News Tag: Standard & Poor’s

July 15, 2011

S&P may downgrade US AAA rating

by Kay Mitchell
”S&P
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 ...




May 23, 2011

Italy in spotlight as euro zone debt crisis fears continue

by Kay Mitchell
”Italy
European stock markets have lost ground today as the euro zone debt crisis continues and Italy becomes the latest nation to come under scrutiny. European stock markets were down earlier today with London’s FTSE, Germany’s Dax and France’s Cac 40 all losing between 1.6% and 1.9%, following falls in Asia earlier. Meanwhile, the euro slipped below the $1.40 mark ...




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 18, 2011

Standard & Poor’s give US negative outlook

by Kay Mitchell
Standard & Poor's give US negative outlook
Standard & Poor's (S&P;) has today lowered the US' top notch credit rating from stable to negative – suggesting that the rating could be cut within the next two years. The rating agency believes that the Democrats and Republicans will not be able to agree a plan to cut the spiralling US deficit. President Barack Obama and the Republicans are in a ...




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 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 ...




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 ...




September 10, 2010

UK’s repossession story not over yet

by Gill Montia
UK's repossession story not over yet
A leading credit rating agency has warned that government cuts and tax increases could result in a rise in repossessions across the UK housing market. According to Standard & Poor's (S&P;), the house price crash did not bring the average cost of a home in line with household incomes, and measures yet to be implemented by the Coalition Government could "significantly test" ...




June 15, 2010

Moody’s downgrade Greece to ‘junk’ status

by Kay Mitchell
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 ...




May 5, 2010

Credit rating agencies to be investigated after euro zone downgrades

by Kay Mitchell
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 28, 2010

Spain downgraded as Europe debt crisis spreads

by Kay Mitchell
Spain downgraded as Europe debt crisis spreads
Standard & Poor's (S&P;) have today downgraded Spain’s credit rating by one notch to AA from AA+ and comes as the head of the International Monetary Fund (IMF) warned that the crisis in Greece could spread throughout Europe. Following the news, the euro fell against the dollar to $1.3129 - a level not seen since late April 2009. Spain’s downgrade comes ...




April 27, 2010

S&P downgrade Greece to ‘junk’ status

by Kay Mitchell
S&P downgrade Greece to 'junk' status
Greece’s woes deepened today after Standard & Poor's (S&P;) cut the country’s credit rating to BB+ from BBB-. According to S&P;, the downgrade comes amid worries that it is not able to take the necessary action in order to manage its economic crisis. The debt-ridden economy is asking for help from fellow euro zone nations and the International Monetary Fund (IMF) in order ...




January 29, 2010

S&P downgrades Britain’s banking sector

by Kay Mitchell
...




December 17, 2009

Greece sees further downgrade in credit rating

by Kay Mitchell
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 ...




June 8, 2009

Ireland’s credit rating cut again

by Kay Mitchell
”Ireland’s
Standard & Poor's (S&P;) has again downgraded Ireland’s credit rating by one notch to AA, from AA+ amid fears that the Government is set to incur a bigger than expected cost for supporting banks. At the end of March, the agency downgraded Ireland’s credit rating from AAA to AA+ amid debt fears and put Ireland on a “negative” outlook, which meant further ...




April 7, 2009

Ireland set to announce emergency budget

by Kay Mitchell
”Ireland
Ireland’s Government is set to announce its second budget in six months today as the country faces a “very grave national crisis”, according to Finance Minister, Brian Lenihan. The Irish Republic's deficit is nearing 13% of GDP - quadruple the level allowed by the European Union. The country has been hit by a raft of bad news of late after rating agency, ...




March 31, 2009

Ireland’s credit rating downgraded amid debt fears

by Kay Mitchell
”Ireland’s
Rating agency, Standard & Poor’s (S&P;) has downgraded Ireland’s credit rating from AAA to AA+ and has put the Irish Republic on a "negative" outlook, meaning that further downgrades are possible. The downgrade could drive investors away since it will mean Irish businesses will have to pay more to borrow on the international markets. The country has experienced a boom since ...




December 16, 2008

Prime mortgage borrowers slide on repayments

by Gill Montia
Prime mortgage borrowers slide on repayments
Credit rating agency, Standard & Poor's (S&P;) has reported that the proportion of prime mortgage borrowers that are at least one month in arrears with repayments has risen 50%. Prime borrowers are those with sound credit histories and in its UK Prime RMBS Index for the three months to the end of September, S&P; puts the proportion having missed at least one ...




October 20, 2008

60,000 homeowners a month enter negative equity

by Gill Montia
60,000 homeowners a month enter negative equity
The downturn in the property market is forcing 60,000 homeowners a month into negative equity. According to the credit rating agency, Standard & Poor's, research suggests that 335,000 homes will be worth less than their mortgages by the end of October, a rise of 260,000 over four months. If the trend continues, the number of homes with mortgages above their value ...




October 7, 2008

Fears over the future of RBS after shares take a battering

by Kay Mitchell
”Fears
The turmoil in the stock markets continues this morning after shares in Royal Bank of Scotland (RBS) plummeted by over 35% to below the £1 mark. The bank is now worth just £16 billion, compared to £75 billion a year ago. RBS shares plunged to 95p, the lowest point since the recession of the early 1990s. Speculation is ...




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