credit rating

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S&P Downgrades Eurozone Bailout Fund

Says it could return it to AAA if sacrifices are made

(Newser) - Rating agency Standard & Poor's says it has downgraded the creditworthiness of the eurozone's bailout fund by one notch to AA+. The downgrade, which follows ratings cuts for AAA-rated France and Austria , could hurt the European Financial Stability Facility's ability to raise cheap bailout money.

S&P to Put Euro Zone on Credit Watch

Announcement likely after markets close

(Newser) - A person familiar with the matter says Standard & Poor's is examining the credit rating of all 17 euro zone countries for a possible downgrade as the continent's debt crisis lingers. The person said today that S&P is likely to make an announcement on putting the euro...

S&P Lowers Belgium's Credit Rating

Cites 'protracted political uncertainty'

(Newser) - Standard & Poor's is lowering its long-term sovereign credit rating for Belgium, citing a threat to exports and the country's lack of a permanent government. In a sign that financial contagion is spreading across Europe, the agency cut Belgium's credit rating from AA+ to AA. Belgium has...

Stocks Plunge on Super Committee Failure

Dow drops triple digits

(Newser) - Stocks plunged at the opening bell today, thanks to the super committee's failure to reach a deal and the ongoing debt crisis in Europe. As of 9:37am, the Dow was down 158 points, while the Nasdaq and S&P were down 40 and 19 points, respectively, as investors...

Moody's Downgrades Spain, Warns France

Sarkozy vows to take bold action at debt summit

(Newser) - Credit ratings in Europe are continuing to slide downward: Moody's has followed Standard & Poor’s lead and cut Spain's rating by two notches, warning that France could be next, reports the Washington Post . "Spain continues to be vulnerable to market stress and event risk," said...

Moody's Downgrades Top UK Banks

Including Lloyds, RBS, which are partially nationalized

(Newser) - Moody’s sliced the credit ratings of a dozen British financial companies today, including two of the UK’s "Big Four" lenders, Lloyds and Royal Bank of Scotland, both of which were partially nationalized during the financial crisis. Moody’s explained that it "believes that the government is...

Moody's Also Drops Italy's Credit Rating

Cites woes with the euro, not Italy itself

(Newser) - Moody’s followed Standard & Poor’s lead and downgraded Italy’s credit rating yesterday, slashing it from Aa2 to A2 and setting its outlook to “negative,” meaning it envisions more cuts to come. Moody’s said its decision wasn’t based on Italy’s government finances, but...

Italy Lashes Out After S&P Downgrade

Says it was swayed by 'political considerations'

(Newser) - Silvio Berlusconi’s office reacted angrily to Standard & Poor’s downgrade of Italy’s credit rating today, insisting that it had a solid majority in parliament and was taking the necessary steps to solve Italy’s debt crisis, the New York Times reports. “The evaluations of Standard &...

UBS Jacks Rogue Loss to $2.3B

Resolute CEO Oswald Gruebel says he's not quitting

(Newser) - UBS has revised the $2 billion loss it suffered at the hands of a rogue trader this week, and not in a good way: The actual damage was $2.3 billion, reports the BBC . The grim news comes amid increased scrutiny of the banking giant, after reports that its internal...

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...

SEC Probing S&amp;P Downgrade
 SEC Probing S&P Downgrade 

SEC Probing S&P Downgrade

But analysts say proving insider trading violations would be difficult

(Newser) - The SEC wants to know who knew about S&P's decision to downgrade the United States credit rating before it happened, as part of a very initial look at whether insider trading violations occurred, reports the Financial Times . Those involved in the case say the investigation isn't based...

Guess Who Hiked Taxes to Bolster His State's S&P Rating?

Romney lobbied S&P, bragging of increased taxes and revenues

(Newser) - Back in 2004 when he was governor of Massachusetts, Mitt Romney successfully lobbied Standard & Poor's to upgrade the state's credit rating by bragging the state had raised taxes in the state during an economic downturn, reports Politico . Last week, in the face of the first-ever downgrade to...

Feds Can&#39;t Fix Economy: Poll
 Feds Can't Fix Economy: Poll 

Feds Can't Fix Economy: Poll

New survey shows many of us agree with S&P

(Newser) - Another day, another poll about how much we hate Congress . This latest poll shows, in particular, that just one in four of us believes the federal government can fix the economy. That's down 21 points from October, notes the Washington Post . And a whopping 71% of respondents believe S&...

Daily Show's Advice to Obama: 'Go Blacker'

Larry Wilmore says it's too late for prez to fight the stereotype

(Newser) - America's credit downgrade is being called the "Obama downgrade," and Larry Wilmore—the Daily Show 's "senior black correspondent"—isn't happy about it. "America finally gets its first black president, and our credit goes bad. F***!" The GOP must love this,...

Cost of Downgrade Protest Banner: $895

St. Louis woman's idea makes her the center of attention

(Newser) - She hoped to remain anonymous, but Lucy Nobbe's high-flying protest of the downgrade mess has gotten too big for that. The 51-year-old St. Louis woman is the person who hired a plane to fly over New York City yesterday with a banner reading, "THANKS FOR THE DOWNGRADE. YOU...

Stock Futures See-Saw After Crushing Fall
 Dow Licks Wounds, 
 Rises Above 11K 

Dow Licks Wounds, Rises Above 11K

Stocks rebound at the bell, open up 100+ points

(Newser) - After yesterday's beating, the Dow opened with cautious optimism, up about 137 points to 10,947—and it has inched above the 11,000 mark since then. As of 10:40am EST, it was up 215 points to 11,025. The Nasdaq opened up 41, and the S&P...

This Isn&#39;t a Repeat of 2008

 This Isn't a Repeat of 2008 

This Isn't a Repeat of 2008

And since the causes are different, so is the solution: Francesco Guerrera

(Newser) - With a new round of financial turmoil cascading from country to country and market to market, many are labeling the current chaos a repeat of 2008—just substitute "downgrade" for "Lehman collapse." But that would be a mistake, as this crisis differs from 2008 in three major...

Palin Lashes 'Clueless' Obama for Debt Debacle

Stop dithering, drill for natural gas, she urges

(Newser) - Sarah Palin skewered President Obama on Facebook last night over the nation's credit rating downgrade, saying he doesn't have "even a notion" of how to deal with the current fiscal meltdown. She blasted his latest press conference as another orgy of "old talking points and finger-pointing....

Battered Dow Ends Down 635
 Dow Ends 
 Down 635 

Battered Dow Ends Down 635

US' downgraded credit rocks Wall Street in punishing session

(Newser) - The Dow Jones plummeted under 11,000 today, dropping 635 points as the United States' downgraded credit rating punished the markets. The drubbing took the Dow down 5.55% to 10,810, reports MarketWatch . The Nasdaq and S&P 500 bled more, shedding 6.90% and 6.66% respectively.

S&P Downgrades Fannie and Freddie, Too

And any other agencies linked to long-term US debt

(Newser) - Standard & Poor's has downgrade fever. The ratings agency today downgraded the credit ratings of mortgage lenders Fannie Mae and Freddie Mac and a host of other agencies linked to long-term US debt, including farm lenders; long-term government-backed debt from 32 banks and credit unions; and three major clearinghouses,...

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