French TV says France downgraded by S&P, citing source

[dipsydoodle]

(Reuters) - Standard & Poor's ratings agency has downgraded France's credit rating, French television channels reported on Friday, citing a government source.

http://www.reuters.com/article/2012/01/13/us-france-rating-idUSTRE80C19W20120113

S&P Europe Downgrades Said to Be Imminent

LONDON—Standard & Poor's has notified European governments that it is about to announce downgrades in the credit ratings of France and a number of European sovereigns as early as Friday, said two people familiar with the matter.

One of the people said an S&P notice is being circulated among euro-zone governments and that an announcement "could be imminent." S&P declined to comment.

http://online.wsj.com/article/SB10001424052970204542404577158561838264378.html

[Yo_Mama]

1. There have been a bunch of rumors.

Wait until it happens. We're close to market closings.

[dipsydoodle]

2. If their TV news channels are reporting it

Its a done deal. I'll find a suitable hat to eat if I'm wrong.

Already sufficient for the Euro to sink : http://citywire.co.uk/money/euro-hammered-and-stocks-hurt-by-sandp-eurozone-downgrades-talk/a558106

[totodeinhere]

17. It's more than a rumor. It has happened.

http://news.yahoo.com/mass-p-downgrade-greek-debt-impasse-hit-euro-013534484.html

[xchrom]

3. Du rec. Nt

[onehandle]

4. They erroneously downgraded France's long-term credit rating in November. Can we believe them now?

Standard & Poor's probably wants to tank Europe to tank President Obama.

Additionally, France has half the poverty rate we do.

Funny, how they can do so much more with so much less.

[dipsydoodle]

5. Official announcement due 9pm GMT.

According to Bloomberg.

[eppur_se_muova]

6. France confirms loss of top AAA credit rating (BBC)

France has confirmed that it has lost its top AAA credit rating from ratings agency Standard & Poor's.

The move came after world stock markets fell on reports many eurozone governments are being downgraded.

Rumours that S&P would deem the debts of up to 11 governments to be more risky sent London's FTSE 100 down 0.5% and Frankfurt's Dax 0.6%, while the Dow Jones in New York fell 0.8%.

However, reports suggest Germany will not lose its AAA rating.

Austria, like France, is also expected to lose its top AAA rating. Most other governments are on lower ratings already.
***
more: http://www.bbc.co.uk/news/business-16552623

[dipsydoodle]

7. S&P have downgraded 9 European countries!

some almost to or at junk status. I picked that up on tv news - no links yet.

An issue here is that pension funds under their own rules are not allowed to buy bonds from countries below certain levels of credit rating.

[muriel_volestrangler]

8. List:

France, Austria, Italy, Spain, Portugal and Slovakia have all been cut in a brutal round of downgrades.

France and Austria both now hold AA+ ratings, while Italy, formerly an A-rated country, holds a BBB+.

Spain will move down to an A- rating, while Portugal moves to BB and Slovakia to A.

Austria, France, Malta, Slovakia, Slovenia, Cyprus, Italy, Spain and Portugal also had their long-term ratings lowered.

http://news.sky.com/home/business/article/16148669

[dipsydoodle]

9. They're saying the Euro bailout fund itself could be downgraded on Monday.

On the bright side at least they left Ireland alone this time.

[tabasco]

10. Their women are still hot. n/t

[T_i_B]

11. Eurozone back on the brink as France has credit rating downgraded

http://www.telegraph.co.uk/finance/financialcrisis/9014579/Debt-crisis-Eurozone-back-on-the-brink-as-France-has-credit-rating-downgraded.html

Stock markets and the single currency fell sharply as Standard and Poor’s cut France’s AAA rating.

The rating agency’s move triggered a backlash from European politicians and led to calls for Britain to be downgraded too. As many as eight other eurozone countries, led by Italy, were also facing downgrades that will make it more expensive for them to borrow.

The agency’s move also threatens to torpedo the main European bail-out fund set up to support struggling countries such as Greece and Portugal.

There are growing fears that Greece is edging closer to defaulting on its debts and being forced out of the single currency, with potentially devastating consequences. Talks between Greece and its creditors were put on hold on Friday.

[DCBob]

12. Wow. This is getting ugly.

I wonder where this is all headed.

[Yavin4]

13. Germany Will Dominate Europe

That's where it's heading.

[pink-o]

15. Didn't they try that 60 years ago?

Goes to show buying it is more successful that occupying it.

[Yavin4]

20. Germany Pays Negative Interest Rates on Its Bonds

IOW, you have to pay Germany for the privilege of loaning them money.

[alp227]

14. i wonder what the credit ratings for non welfare states are.

because cons keep complaining about "BIG GOVERNMENT" and will cite how France lost its AAA rating. yet I have yet to know of a country where austerity and the free market by their own damn selves bring prosperity.

[yurbud]

16. wasn't S & P's one of the rating agencies that lied about mortgage based securities?

France and other European countries should be asking us why S & P is still in business instead of in jail for fraud.

[JDPriestly]

18. For those interested in more detail on the downgrading of Austria, I posted this earlier today.

http://www.democraticunderground.com/11163361

The article I discuss explains that Austria is being downgraded because of its involvement with its neighbors, Hungary and Italy which are having financial difficulty.

And so, the dominoes fall. I wish Europeans all the best in this difficult time.

The Euro may not survive, but the people will overcome these problems.

In LA the bad economy has caused many immigrants to vanish. The same thing will probably happen in Europe. If there is no work, people tend to take what is left of their earnings and return to their families in the countries of their origin.

[dipsydoodle]

19. Analysts: S&P downgrades could have been worse

WASHINGTON (AP) -- The decision by Standard & Poor's to strip France of its prized AAA credit rating and downgrade eight other European countries slammed a continent struggling with a debt crisis and an economic slowdown.

But beleaguered Europeans can take some comfort: It could have been worse.

Investors had plenty of time to brace for the bad news. S&P put 15 countries, including Germany and France, on notice last month that they faced potential downgrades. The advance notice means the downgrades likely won't panic financial markets and drive up European governments' borrowing costs much higher than they already are.

"People knew it was coming, and it was only one rating agency," said Marc Chandler, head of global currency strategy at Brown Brothers Harriman. Moody's and Fitch Ratings have yet to follow S&P.

AP : http://hosted.ap.org/dynamic/stories/U/US_EUROPE_FINANCIAL_CRISIS_DOWNGRADES?SITE=TXHOU&SECTION=HOME&TEMPLATE=DEFAULT