Downgrading an Entire Continent

Saturday, January 14, 2012, 4:34 PM
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Well, nobody should really care what the rating agencies say or do anymore, because they have proved themselves to be utterly useless time and again at anything more than stating the obvious long after it has already been revealed. Such as downgrading Lehman bonds to junk status after the bankruptcy filing.

Still, in a bold aftermarket move on Friday, S&P downgraded the credit ratings of nine Eurozone countries, including stripping France and Austria of their coveted AAA ratings.

It is noteworthy that the action came on a Friday, after the market close, which gives the behind-the-scenes fixers as much time as possible to soothe markets before they open again on Monday.


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