Standard & Poor’s Ratings Services cut its credit ratings on Greece, saying it expects the country’s debt and financial commitments to be unsustainable without deep economic reform.
The credit rater, which lowered its ratings by one notch to triple-C-plus, added that the outlook is negative given the risk of liquidity worsening.
S&P had put the ratings on watch for potential downgrade in January. (WSJ)
However it is worth noting that S&P noted in its statement that missing a payment to creditors (IMF, for example) would not mean downgrade to “Selective Default”
S&P says a missed payment to an official creditor would not see #Greece rating moved to 'selective default' pic.twitter.com/0O1S2qV5ZB
— Open Europe (@OpenEurope) April 15, 2015
PS So? Are we bankrupt now? Oh wait, we have been in bankruptcy since 2010.
The Big Three credit rating agencies
STANDARD & POOR’S
MOODYS
FITCH GROUP
Are all creations of the banking sector
FUNDED by the banking sector
And do the bidding of the banking sector
It is like you getting your uncle to pretend that he is someone important so as to give you a reference.
DODGY REFERENCE
“The Big Three credit rating agencies
STANDARD & POOR’S, MOODYS, FITCH GROUP
Are all creations of the banking sector”
Spot on. The privately-owned credit ratings agencies and their ‘downgrading’ of nation state financial sovereignty is usually a signal that the banking forces are getting ready to play their next ‘trick’. The question is, will it be trick or treat? Based on previous experience, watch out Greece, then Spain, Portugal and Italy, even harder times are a coming.
Ellis