by John Galt May 22, 2012 05:20 ET The other elephant in the room, the Japanese economy and debt disaster, received a major blow this morning while the rest of the world slept as Fitch downgraded Japan to A+ with a Negative Outlook. The reasons outlined should sound familiar to any European government or even the casual U.S. observer: “The downgrades and Negative Outlooks reflect growing risks for Japan’s sovereign credit profile as a result of high and rising public debt ratios,” said…
by John Galt February 27, 2012 17:00 ET While the world burns and turns, the Dow flirts with the big 13K (why it is big, who knows other than CNBC), and the MENA region disintegrates into a flaming pyre, the one predictable action of the day has occurred after the Greek government decided to obey their Germanic masters and follow the U.S. government example of screwing bondholders as a practice to achieve even further disorder in the markets. The statement from S&P is pretty much…
By John Galt December 5, 2011 – 16:45 ET From Standard & Poor’s website: RATINGS LIST To From Long-term ratings on CreditWatch negative Austria (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Belgium (Kingdom of) Sovereign Credit Rating AA/Watch Neg/A-1+ AA/Negative/A-1+ Finland (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ France (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Germany (Federal Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Luxembourg (Grand Duchy of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Netherlands (The) (State of) Sovereign Credit…
By John Galt August 3, 2011 – 10:24 From Standard & Poor’s, full press release available by clicking on the title and registering: Ratings On Select GREs And FDIC- And NCUA-Guaranteed Debt Lowered After Sovereign Downgrade On Aug. 5, 2011, Standard & Poor’s lowered its long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’. As a result, we have also lowered the long-term issuer credit ratings and related issue ratings on select government-related entities (GREs) to ‘AA+’ from ‘AAA’. The…
By John Galt August 8, 2011 – 09:50 ET There is no possible way I could post all of the downgrades in an efficient nor legible manner but if you wish to read them, follow the link below and subscribe for free to Standard and Poor’s press releases and ratings actions: Standard and Poor’s Website Anything with a government backing TLGP, FDIC, tax-exempts, or any other government backed guaranteed note is being cut from AAA to AA+. Buckle up ladies and gents, we’re in for…
By John Galt August 7, 2011 08:10 ET Uh, where are all the dramatic headlines one would expect to see at my blog on crashes worldwide? Not today thus far my fine audience….the camels are sleeping this one off: (quotes as of 0800 ET from BTFLive.net) I guess the Saudi royal family decided to buy stocks to keep their nation appearing as the only stable economy in the region. The only equity market really tanking is the only democratic nation in the region, Israel, which…
By John Galt August 6, 2011 16:44 ET Just out within the past hour from the U.S. Treasury website: Just the Facts: S&P’s $2 Trillion Mistake By: John Bellows 8/6/2011 In a document provided to Treasury on Friday afternoon, Standard and Poor’s (S&P) presented a judgment about the credit rating of the U.S. that was based on a $2 trillion mistake. After Treasury pointed out this error – a basic math error of significant consequence – S&P still chose to proceed with their flawed judgment…
By John Galt August 6, 2011 Just dang. I hate it when the commies are right. From Xinhua today: U.S. debt problem remains unsettled BEIJING, Aug. 6 (Xinhua) — Far from an end to the U.S. debt problem, the last-minute congressional approval of an increase in the debt limit is merely a technical time-out. President Barack Obama on Wednesday signed legislation to increase the U.S. debt ceiling, after Congress voted in favor of a compromised bipartisan deal. As for the details, the debt deal calls…
By John Galt August 5, 2011 21:31 ET For immediate release August 5, 2011 Agencies Issue Guidance on Federal Debt Earlier today, Standard & Poor’s rating agency lowered the long-term rating of the U.S. government and federal agencies from AAA to AA . With regard to this action, the federal banking agencies are providing the following guidance to banks, savings associations, credit unions, and bank and savings and loan holding companies (collectively, banking organizations). For risk-based capital purposes, the risk weights for Treasury securities and…
By John Galt August 5, 2011 20:21 ET Will link the S&P story when it is available as their webpage has blown up. Headline only for now. FULL TEXT OF STATEMENT FROM STANDARD & POORS: United States of America Long-Term Rating Lowered To ‘AA+’ On Political Risks And Rising Debt Burden; Outlook Negative We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating. We have also removed both the short- and…
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