Post Tagged with: "Spain"
Fed Outgunned, EMU Outflanked
The auxiliary objective of QE by the Fed is to weaken the USD. Herein lies the rub. Quite simply, with the recent announcement by the BOE of another round of QE worth £75 billion, with the ECB now willingly or unwillingly being forced into increased support of peripheral debt markets and with the BOJ also pledging more stimulus, the Fed is starting to look like the conservative central bank in the G4. Even if Merkel and Sarkozy, and rightly so, appear most concerned with putting pressure on Italy, the most significant issue remains Greece which is now in default a fact that was un-sanctimoniously confirmed by the leaked bailout document which has the Troika admitting that the medicine they were mandated to administer would only make the patient worse and not better
Full text: Moody’s downgrades Spanish sub-sovereigns; negative outlook
Madrid, October 19, 2011 — Moody’s Investors Service has downgraded the long-term ratings of nine Spanish regions, two Basque provinces and five government-related ratings by one or two notches. The outlook on the ratings is negative. At the same time, the rating of Castilla–La Mancha was downgraded by five notches to Ba2 from A3 and remains on review for downgrade
Full Text: Moody’s downgrades five Spanish banks following Spain’s downgrade to A1
“Moody’s Investors Service has today downgraded the long-term senior debt and deposit ratings of five Spanish banks by one notch. These rating actions follow yesterday’s downgrade of the Kingdom of Spain’s government bond rating to A1 from Aa2. All of the banks’ ratings carry a negative outlook. The affected banks are Banco Santander, BBVA, CaixaBank , La Caixa and Confederación Española de Cajas de Ahorros (CECA).”
Spain’s Downgrade Shrugged Off Amid Hopes of Crisis Plan
Equity markets are mostly positive after strong gains overnight; supported by euro zone crisis plans. EUR firms despite Spain’s rating downgrade by Moody’s; Norges Bank expected to remain on hold. Japanese and South Korean policy makers reach agreement to increase currency swap line to $70bln
Full text: Moody’s downgrades Spain’s government bond ratings to A1, negative outlook
Spain continues to be vulnerable to market stress and event risk. The already moderate growth prospects for Spain have been scaled back further. Lower economic growth in turn will make the achievement of the ambitious fiscal targets even more challenging for Spain
Full Text: Moody’s downgrades Spanish savings bank CAM to B3;
On Friday, I asked why CAM’s credit default swaps were soaring. This is why? Clearly someone had inside information
Chart of the day: Greatest Credit Deterioration Focus – Belgium, Spanish banking
Here are a few charts from the credit default swaps market based on 5-year CDS. Here’s what I see
Full text: S&P downgrades Spain from AA to AA- with negative watch
The full text of S&P’s downgrade of Spain
S&P and Fitch downgrade a slew of Spanish banks as Europe talks EuroTARP
Last week Moody’s cut the ratings of 12 British lenders, including Royal Bank of Scotland and Lloyds Banking Group. This week the other two ratings agencies, S&P and Fitch cut the ratings of 10 Spanish lenders
It’s official: Spain following Japanese example of propping up zombie banks
Moody’s decision to place Popular’s ratings on review for possible downgrade is driven by our view that the combined entity emerging after the integration with Pastor is likely to have a weaker credit profile than Popular’s standalone credit strength
Large writedowns at Austrian bank connected to Hungary, Romania and CDS losses
Whether the writedowns make investors feel relieved because of the alleged balance sheet transparency remains to be seen. However, the balance sheet woes at Erste highlights how active banks within the EU are in cross-border relationships
Table of all Fitch sovereign ratings as it downgrades Italy and Spain
This is a Friday night massacre over in Europe. Fitch, the ratings agency, first downgraded Italy one notch, from AA- to A+, following in Moody’s footsteps for earlier this week. Then, just a few minutes later, Fitch cut Spain’s credit ratings two notches to AA- from AA+. Below is a list in alphabetical order of all of Fitch’s sovereign credit ratings including a history of each rating action over the years