Happy Jubilee Queenie: Egan Jones Cuts the United Kingdom to AA- from AA


by John Galt
June 4, 2012 16:30 ET


The only question is why the United States isn’t ‘A’ or ‘A-‘. From Reuters just minutes ago:


Egan-Jones cuts UK sovereign credit rating to AA-minus


Rating agency Egan-Jones cut the credit rating for the United Kingdom on Monday to AA-minus with a negative outlook from AA, the latest in a string of European sovereign downgrades from the agency.


“Unfortunately, we expect that the UK’s debt/GDP will continue to rise and the country will remain pressed,” Egan-Jones said in a statement.


That cut might hurt just a tad as they contemplate over £50 billion in additional Quantitative Easing to bail out the economy or pay for the Olympics. Egads, tea might cost a spot more! Worse off, this might impact the price of, gasp, dare I say it:



Uh, UN-BRILLIANT Bank of England!!!!


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