I wonder if it has become an obsession or fun game for Standard & Poor’s to make their downgrades at the worst possible time.
The rating company, which downgraded the U.S. triple-A credit rating by one notch just after US debt ceiling was increased, warned it may carry out an unprecedented mass downgrade on the credit ratings of 15 euro zone countries.
The warning, came just after France and Germany’s jointly call for a new European Union Treaty to “re-estabilish confidence in the euro and the euro zone”.
S&P placed the ratings of 15 euro zone countries on credit watch negative — including those of top-rated Germany and France, the region’s two biggest economies — and said “systemic stresses” are building up as credit conditions tighten in the 17-nation region.
If you recall, S&P downgraded Guernsey and Isle of Man last month. Maybe Singapore will be the only AAA rated country in the world next year, after S&P’s wayang show.
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