In recognition of all of Greece’s achievements in recent months—and possibly to avoid being made to look the fool by hedge funds and S&P—Fitch has awarded the country a not-so-coveted B-minus sovereign debt rating. Five more upgrades and Greece will be a borderline investment-grade opportunity! Read more »
- 15 May 2013 at 3:23 PM
- 17 May 2012 at 2:30 PM
Fitch ratings agency downgraded debt-crippled Greece deeper into junk territory on Thursday, warning of a “probable” Greek exit from the euro currency union if new national elections next month produce an anti-bailout government. Fitch said it had cut Greece’s rating by one notch, from B- to CCC, the lowest possible grade for a country that is not in default. [AP]
- 10 Nov 2009 at 10:24 AM
The Viking ship Fitch Ratings continued it’s marauding in the British Isles today, sending shivers throughout the United Kingdom.
Well, maybe not throughout. But certainly in London, the ratings agency’s word that the U.K. is the triple-A rated country most at risk of a downgrade was heard loud and clear, as the pound tumbled and the prime minister mumbled.
Fitch didn’t exactly say that Britain is about to go the way of Iceland, or even of Ireland. It didn’t even cut its outlook, as Standard & Poor’s did earlier this year, saying the U.K.’s top credit rating is “resilient.” But it did say that the country requires the “largest budget adjustment” of any triple-A rated sovereign. And we all know that you can take a ratings agency at its word.
- 04 Nov 2009 at 10:50 AM
Central Bank and Financial Services Authority of Ireland headquarters, DublinLast year, we learned what happens when a small island in Europe filled with people who talk funny bets the farm on the financial services industry. Are the Irish next?
Lovely emerald Eire, the European economic miracle of the last few decades, has run into some hard times. GDP is down almost 10% this year, while the country’s debt is projected to soar by the end of next year to actually exceed GDP. And now, the indignity of a credit rating cut.
Never averse to kicking when the opponent is down, Fitch Ratings has slashed Ireland’s creditworthiness by two whole grades, to double-A-minus, whatever the hell that means. The other two ratings agencies may join in beating a dead Celtic Tiger, as both Moody’s Investors Service and Standard & Poor’s have a negative outlook on Ireland.
Ireland lost its coveted triple-A rating in April.
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