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Update, 8:40pm UK time — Shares in McGraw-Hill were down 15 per cent at pixel.
Fresh in the inbox… Read more
Thanks to Reuters Jamie McGeever for spotting this rather circular bit of introspective logic from S&P. You see, the ratings agency has discovered that its own sovereign ratings are a good guide to its future sovereign ratings. So, for example, since 1989, they have never lowered a sovereign rating with a positive outlook.
It’s the kind of record you fight to keep. Read more
The financial crisis demonstrated how the treatment of securitisations under the Basel framework was some combination of delinquent and a massive enabler of rating agency (and bank) mis-modelling. No wonder then that it only took until July 2009 to get the duct tape out, i.e. release “enhancements” to Basel II, commonly known as “Basel 2.5″.
Now that the committee has had time to truly, madly, and deeply think it over, it’s time for… drumroll… a consultative document on which comment will be sought by March 15, 2013. Oh, it’s on now. Read more
Moody’s announced on Tuesday that it’s reviewing its sovereign credit ratings methodology, and seeking comment from industry participants.
The review comes probably not a moment too soon — and we are not just talking about the French getting very cranky. Bloomberg reckons Moody’s sovereign ratings are unpopular, even by the low standards of sovereign ratings popularity: Read more
Moody’s has cut France to Aa1 from Aaa, maintaining the negative outlook originally conferred in February.
Pierre Moscovici, French finance minister, was stoic at pixel time. “Moodys is now giving France the same rating as Standard & Poor’s, which has allowed us to live with low interest rates for many months,” he told Reuters. S&P cut its AAA rating for France back in January. Read more
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