Spectator on facebook

Spectator on facebook

FOCUS SHORT

European sovereign ratings lowered

AS LEADERS of the eurozone were looking to hammer out a bailout deal for Greece, credit rating agencies lowered their ratings for several European nations.

AS LEADERS of the eurozone were looking to hammer out a bailout deal for Greece, credit rating agencies lowered their ratings for several European nations.

On February 14 Moody's downgraded Italy and Spain to A3 while Portugal's rating fell to Ba3.
Slovakia, Slovenia and Malta were also downgraded while France, Britain and Austria were put on a negative outlook.

In other words, there is a 30 percent probability that the latter three nations could face a downgrade within the next 18 months.

Moody's rating change was received with a gloomy response in Britain, which tends to portray itself as a safe haven and a country at the receiving end of the Eurozone crisis.

Both the timing and the motives behind Moody’s actions were widely questioned, as was its credibility and that of other rating agencies.

Critics pointed out that the most watched countries were in the process of implementing necessary budget cuts and the eurozone outlook was slightly improving.

Fitch also downgraded the ratings of Spain (A), Belgium (AA) and Italy (A-) in February following its downgrade of five countries in January.

Standard & Poor's downgraded nine eurozone countries, including France and Austria, in January.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Topic: Finances and Advisory


Top stories

Police detain another person in promissory notes case

Ex-director of private broadcaster TV Markíza, Pavol Rusko, was detained shortly after being heard.

Pavol Rusko

First 500 jobseekers start training to work in automotive jobs

Neither labour offices nor the automotive industry dare to estimate to what extent the project will be successful.

For a Decent Slovakia organise another protest for June 22

At the same time, they are suing ex-PM Robert Fico, in response to his statements made during the protest rallies in February, citing fear-mongering and defamation.

For a Decent Slovakia represenattives - L-R: Lukáš Füle, Karolína Farská, Juraj Šeliga and Veronika Bruncková - filed a suit against ex-PM Robert Fico June 15.

Construction of the longest tunnel in Slovakia gets complicated

Érsek considers delays in construction of the cross-country highway to be unacceptable.

Western portal of the Višňové tunnel