Moody's downgraded Credit Agricole, BNP Paribas, and Societe Generale today. This is fresh on the heels of a September downgrade of Credit Agricole and Societe Generale in September.
Please consider French bank ratings downgraded again by Moody's
Credit rating agency Moody's has downgraded France's three big banks due to their difficulty borrowing money. The agency cut Credit Agricole and BNP Paribas from Aa2 to Aa3, and Societe Generale from Aa3 to A1.
Having largely disappeared from the market's scope for the past 6 months, ever since Europe "bent" its rule allowing the bailout of Monte Paschi and several smaller banks despite Italy having the greatest amount of disclosed NPLs of any European nation, moments ago Fitch decided to drag Italy right back in the spotlight when it downgraded Italy to BBB from BBB+, citing "Italy's persistent track record of fiscal slippage, back-loading of consolidation, weak economic growth, and resulting failure to bring down the very high level of general government debt has left it more exposed to pote
In the wake of S&P debt downgrades, Merkel vows faster eurozone reforms.
European leaders promised on Saturday to speed up plans to strengthen spending rules and get a permanent bailout fund up and running as soon as possible, a day after U.S. agency S&P cut the ratings of several euro zone countries' creditworthiness.
With Japan's public debt about to hit 240% of GDP, Fitch Downgrades Japan's Sovereign Rating
The ratings agency Fitch on Tuesday lowered its assessment of Japan’s sovereign credit to A+, an investment grade just above the likes of Spain and Italy, and criticized Tokyo for not doing more to pare down its burgeoning debt.
Standard and Poor's on Friday lowered the credit rating of 34 Italian banks in a move that follows the agency's two-notch downgrade of Italy on January 13.Italy's biggest financial institutions, including UniCredit, Intesa Sanpaolo, Banca Nazionale del Lavoro and Mediobanca, were hit.In January, Standard and Poor's downgraded Italy's credit rating by two notches to BBB+ from A.
NEW DELHI: Rating agencies Standard & Poor’s and Moody’s on Thursday lauded India’s commitment to improve fiscal performance, but said a rating upgrade is still sometime away. Standard & Poor’s, which came under government’s criticism in the Economic Survey last week, said that India’s FY18 Budget illustrated the government’s commitment to improving fiscal performance over the medium term, but heavy debt burden and weak public finances remain key rating constraints.
ATHENS, Greece — The Standard and Poor’s rating agency downgraded Greece’s credit grade further into junk status Wednesday, saying the country’s financial commitments would be unsustainable without “deep economic reform or further relief.”
The agency downgraded Greece to CCC+ from B-, with a negative outlook “given the risk of further worsening in liquidity for the sovereign, the banks, and the economy.”
Standard & Poor’s has downgraded Italy’s sovereign debt rating one notch to A from A+, having considered the country’s “weakening economic growth prospects” and the Italian government’s limited ability to respond to events.
Commenting on the news, economic think tank Re-define, warns: “Italy is now struck in a self-fulfilling downward spiral from which it is unlikely to be able to extract itself without external help.”