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’Snap news
Breaking pre-market news on Wednesday,
- Admiral says profits will be at the lower end of analyst estimates because of large personal injury claims — statement.
- Kesa Electricals sells Comet for just £2 — statement.
Moody’s downgrades Spain to A1 from Aa2
It’s that time again. 11pm in Madrid, which can only mean a downgrade of the Spanish sovereign, this time by Moody’s.
It’s a double-notch downgrade, taking Spain to A1 with negative outlook, using Moody’s schematic.
Moody’s downgrades 12 UK financial institutions
And you thought it was going to be a quiet Friday?
No such luck. Moody’s has today downgraded 12 UK financial institutions. Here are the details (our emphasis):
London, 07 October 2011 — Moody’s Investors Service has today downgraded the senior debt and deposit ratings of 12 UK financial institutions and confirmed the ratings of 1 institution.
Snap news
Breaking pre-market news on Friday,
- RBS says it is among the strongest capitalised banks in Europe — report.
- Moody’s downgrades 12 UK financial institutions; two notch cut for RBS — statement.
Declassamento del debito italiano
Moody’s has obviously been bitten by the volatility macaque.
32 minutes after US markets closed with a whopper of a rally on the back of this FT story about European bank recapitalisation, the rating agency announced a three notch downgrade of arguably the most important sovereign debt in the world right now.
Dexia en chute encore
Sauver le financement des collectivités, oui, sauver le soldat Dexia, non!
…Or Dexia, getting in trouble, again.
There’s a meeting between the French and Belgian finance ministers on Monday about its future,
Moody’s downgrades SocGen and Credit Agricole; BNP review extended
Moody’s downgraded long-term debt of Société Générale and Crédit Agricole, while keeping BNP Paribas on review; SocGen and Credit Agricole are also remaining on review over long-term funding.
The top lines from each statement follow.
Moody’s highlights Sino-Forest cash concerns [updated]
On Monday morning Moody’s downgraded $1.3bn of Sino-Forest debt to Caa1 from B1.
This is unsurprising given the farcical events of the last three days: trading suspensions and resignation orders, rescinded resignation orders,
Where one rating agency goes…
… another fears to tread (at least for the time being).
(Nota bene – split ratings should mean fewer knock on effects.)
When footballers become collateral
Can someone please stop the world? We want to get off.
Things are seemingly moving quickly from the ridiculous to the absurd, in sovereign debt crises.
Gary Jenkins, head of fixed income over at Evolution Securities,
Moody’s puts Spain on review for downgrade
So much for a quiet August.
Just a week after eurozone authorities announced a new bailout package for Greece (and just before the start of Europe’s traditional August holiday period), Moody’s has put Spain on review for downgrade.
Australian RMBS grabs Moody’s attention
Moody’s is taking another look at the way it rates Australian Residential Mortgage-Backed Securities.
We anticipate increases to Moody’s Aaa mortgage default probability and house price stress rate assumptions.
A commercial real estate mini-pop
Just one month after registering a new index low, an eye-catching top line from Moody’s:
The Moody’s/REAL Commercial Property Price Index (CPPI) measured a 6.3% increase in May, the first positive move in six months and the largest one-month increase since the inception of the index.
Moody’s downgrades Ireland to Ba1 from Baa3
As goes Portugal, so goes Ireland, which is now in junk territory.
The ratings agency cites implementation risks to Ireland’s austerity programme but the main reason — like with its 6 July Portugal downgrade — is the presumed involvement of private creditors as a precondition to a second bailout.
Danish covered bonds at dawn
A break in the clouds, for Denmark’s stormy covered bond market:
(Bloomberg) Denmark’s covered bonds are likely to be snapped up by U.S. buyers even after Moody’s Investors Service downgraded the securities,
Trichet on rating requirement for Portugal: whatever, don’t worry about it
UPDATE: Yep, looks like the ECB now accepts promises as high-quality collateral (we say in jest… somewhat).
Here’s the official announcement:
7 July 2011 – ECB announces change in eligibility
Moody’s downgrades Portugal on… Greece fears
Well, sort of. The full rationale behind Portugal’s downgrade to Ba2 from Baa1, with negative outlook, is pasted below.
Moody’s offers two main reasons. The second is Portugal’s ongoing high-debt-low-growth mash-up.