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Moody's Downgrades French Banks

Greek debt crisis hits SocGen, Credit Agricole

(Newser) - The Greek debt crisis has hit the credit rating of two of France's biggest banks. Moody's has downgraded Societe Generale and Credit Agricole by a notch, and warned the country's biggest bank, BNP Paribas, that it may be next in line. The banks have seen their share...

Obama Plan Would Bring 1.9M Jobs: Moody's

Would grow economy 2%, says expert

(Newser) - President Obama’s jobs plan would put some 1.9 million people back to work and grow the economy 2%, says Moody’s chief economist. The plan could slice the unemployment rate by a percentage point, adds Mark Zandi, whose analysis comes as the president heads to Virginia to...

Japan&#39;s Credit Rating Cut
 Japan's Credit Rating Cut 

Japan's Credit Rating Cut

Moody's drops country to fourth-highest rating

(Newser) - Japan has joined the US on the list of countries to have its credit rating downgraded because of debt worries. But for the Japanese, the downgrade is just the latest in a long series of bad news. Moody's has cut Japan's rating by a notch to the fourth...

Feds Probing Standard and Poor's

Agency's behavior before financial crisis in spotlight

(Newser) - Looks like Standard & Poor's could be in for a downgrade of its own—from the Justice Department. Federal investigators are probing possible wrongdoing at the credit ratings agency in the years leading up to the financial crisis, sources tell the New York Times . The probe, expected to lead...

Fitch Reaffirms AAA Rating
 Fitch Reaffirms AAA Rating 

Fitch Reaffirms AAA Rating

Also says outlook on US ratings is stable

(Newser) - Take that, Standard & Poor's: Fitch Ratings says it will keep its rating on US debt at the highest grade, AAA, and says its outlook on the US ratings is stable. Fitch cited the United States' "flexible, diversified, and wealthy economy," as well as its flexibility in...

Moody's: We Still Might Downgrade US, Too

Credit agency insists on more cuts

(Newser) - Moody’s may have already reaffirmed America’s AAA credit rating , but it released a statement today reiterating that that could still change. If the US doesn’t find more deficit reductions pronto, it could face a downgrade before 2013, the agency warned, according to Reuters . Analyst Steven Hass wrote...

S&P Downgrades Nation's Triple-A Rating

Agency delivers historic setback to U.S.

(Newser) - Goodbye AAA, hello AA+. In a rough milestone, S&P has downgraded the nation's Triple-A rating for the first time, reports the Wall Street Journal . The move came even though the Treasury Department pointed out a $2 trillion math error in the agency's debt projections that delayed but...

Moody's Keeps Triple-A Rating for US, but ...

It says the outlook is 'negative;' no word yet from S&P

(Newser) - Two of the big three rating agencies have spoken, and neither is yanking the nation's triple-A credit rating—for the time being. Moody's kept the Aaa in place in the wake of the debt ceiling deal but said the rating outlook is "negative," meaning it can...

Moody's: Greek Default 'Virtually Certain'

But EU effort means country will likely stabilize

(Newser) - Moody's downgraded Greece's bond ratings by a further three notches today and warned that it is almost inevitable the country will be considered to be in default following last week's new bailout package . The agency says the new EU package of measures implies "substantial" losses for...

Moody's to States: Your Credit's at Stake, Too

Federal standoff could drag down Maryland, Virginia, others

(Newser) - At least five state governments have been warned that if the federal government’s credit rating falls, theirs will drop along with it. Virginia, Maryland, Tennessee, New Mexico, and South Carolina are all in the danger zone, the Washington Post reports. “Through no fault of our own, we have...

Fitch Threatens to Downgrade US, Too

Joins S&P and Moody's

(Newser) - The third major bond rating agency joined the chorus warning that the US is in danger of losing its AAA credit rating today. Fitch Ratings said it was placing US in the “ratings watch negative” category, which according to Politico can lead to a downgrade in three to six...

Moody&#39;s: Kill the Debt Limit
 Moody's: Kill the Debt Limit 

Moody's: Kill the Debt Limit

Credit agency urges US to be more like Chile

(Newser) - With the debt ceiling hanging over Washington like the Sword of Damocles, Moody’s offered a novel suggestion today: Why not just scrap the thing entirely? “We would reduce our assessment of event risk if the government changed its framework for managing government debt,” to prevent future showdowns...

Moody's Warns It May Lower US Credit Rating

Agency getting antsy about the risk of default

(Newser) - Tick tock on those debt ceiling talks: Moody's is threatening to lower the United States' credit rating, saying there is a small but rising risk that the government will default on its debt. The credit rating agency says it will review the federal government's triple-A bond rating because...

Moody's Warns US to Strike Deal on Debt Limit

It threatens to downgrade nation's triple-A credit rating

(Newser) - Moody's is getting antsy over the lack of progress on a deal to raise the debt limit and cut the deficit, reports the Washington Post . It warned today that it will consider lowering the nation's credit rating unless a deal emerges by mid-July, citing a "very small...

S&P Drops US Credit Outlook to 'Negative'

They say there's 'material risk' that politicians won't fix fiscal problemsr

(Newser) - Standard & Poor’s reaffirmed America’s AAA credit rating today, but dropped its outlook to “negative,” saying there was “material risk” that US policy makers wouldn’t figure out how to handle the nation’s fiscal woes by 2013. “If an agreement is not reached...

Economist: GOP Cuts Would Kill 700K Jobs

House's budget would cut GDP growth by 0.5% in 2012

(Newser) - The spending cuts in the Republicans’ budget proposal would cost the country up to 700,000 jobs and hurt the country’s economic growth, according to Moody’s chief economist. Mark Zandi estimates that the proposed budget would reduce GDP growth by 0.5% in 2011 and another 0.2%...

S&P, Moody's Say US Credit Rating at Risk

Markets don't seem bothered by warnings, however

(Newser) - Two prominent credit-rating agencies say the US could lose its AAA credit rating if it doesn't get in better financial shape, the Wall Street Journal reports. Standard & Poor's and Moody's both issued dire warnings on the nation's creditworthiness—although investors didn't seem much bothered. Moody's cited rising debt, and...

Warren Buffett, You Should Be Ashamed

His testimony on the meltdown is a PR disaster

(Newser) - Warren Buffett made a fool of himself on Capitol Hill yesterday, declares Felix Salmon. Forced to testify about the financial meltdown, he denied any culpability in the mess—never mind that he was the largest shareholder in Moody's. "From a PR point of view," writes Salmon at Reuters...

Real Subprime Scandal Is Ratings Firms, not Goldman
Real Subprime Scandal Is Ratings Firms, not Goldman
paul krugman

Real Subprime Scandal Is Ratings Firms, not Goldman

99% of AAA-rated subprime securities now junk

(Newser) - Goldman Sachs won't come out of the Senate financial reform hearings smelling of roses, but it's the much bigger stink coming from credit ratings firms that lawmakers should focus on, warns Paul Krugman. Emails released by the Senate subcommittee probing the financial crisis show how corrupt the system of credit...

Banks Gamed Rating Agencies Using Their Models

High ratings were reverse-engineered for lousy packages

(Newser) - With rating agencies under fire for giving good ratings to terrible investments, Gretchen Morgenson and Louise Story argue in the New York Times today that it wasn't all their fault. In a push for transparency, the likes of Moody's, Sandard & Poor's, and Fitch made public the computer models they...

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