Buddha
13th January 2012, 04:22 PM
http://www.ft.com/cms/s/0/78bf6fb4-3df6-11e1-91f3-00144feabdc0.html
The eurozone debt crisis (http://www.ft.com/indepth/euro-in-crisis) returned with a vengeance on Friday as Standard & Poor’s, the credit rating agency, downgraded France and Austria – two of the currency zone’s six triple A rated countries – as well as seven nations not in that top tier, among them Italy and Spain.
S&P, under political fire since it announced a review or eurozone debt in December, gave 14 of 16 countries – including France, Italy and Spain – a negative outlook, which it said meant a one-in-three chance for each country of a further downgrade this year or next.
The agency downgraded France and Austria by one notch to double A plus, while it cut Italy Spain and Portugal by two notches. Ireland held its rating.
“It is not good news ... but it is not a catastrophe,” said François Baroin, France’s finance minister. “It is not the ratings agencies that dictate the policies of France.”
Sure isn't Mr. Baroin
The eurozone debt crisis (http://www.ft.com/indepth/euro-in-crisis) returned with a vengeance on Friday as Standard & Poor’s, the credit rating agency, downgraded France and Austria – two of the currency zone’s six triple A rated countries – as well as seven nations not in that top tier, among them Italy and Spain.
S&P, under political fire since it announced a review or eurozone debt in December, gave 14 of 16 countries – including France, Italy and Spain – a negative outlook, which it said meant a one-in-three chance for each country of a further downgrade this year or next.
The agency downgraded France and Austria by one notch to double A plus, while it cut Italy Spain and Portugal by two notches. Ireland held its rating.
“It is not good news ... but it is not a catastrophe,” said François Baroin, France’s finance minister. “It is not the ratings agencies that dictate the policies of France.”
Sure isn't Mr. Baroin