The international rating agency Standard & Poor’s the list for review with the possibility of lowering long-term credit rating of the European Union, which is currently the maximum level of AAA, said in a statement on the official website of the agency. Meanwhile Standard & Poor `s confirmed the EU short-term rating at A-1. The agency’s decision was taken after 2 days it has submitted the list to review the long-term ratings with the ability to lower 15 Member States of the Eurozone and 3 days after being published forecast for the region’s economy likely to enter recession in early first quarter of 2012.
“Bringing in the list for revision reflects our concerns about the possible influence of ability in the future Member States of the Eurozone to service its debt”, the agency noted, recalling that 62% of revenue in the EU budget come from the Eurozone countries. Also tonight Standard & Poor `s bring in the list for review for possible downgrade of some of Europe’s largest banks.
Among them are the German Deutsche Bank and Commerzbank, French Societe Generale, BNP Paribas, Natixis and Credit Agricole, the Dutch Rabobank, Italian Intesa Sanpaolo and Unicredit, stated in another message to the agency.
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The decision of the agency Standard & Poor’s lowered the credit rating to the U.S. cause serious discussions about the next party will lose considered risk-free evaluation – AAA. According to many analysts the most likely such a fate befall France. Currently the price of swaps to protect against default on the French debt is higher than that of countries with low credit rating such as Malaysia, Thailand, Japan, Mexico, Czech Republic, and that this debt in the U.S. state of Texas, says media .
“In my opinion France is not a party worthy of the AAA rating,” said Paul Donovan, a chief economist at Swiss giant UBS. “France can not print money, which is the main distinction from the U.S.. The country simply is not considered by market participants as a AAA rating”, he said. While in the past few months and the three leading rating agencies have confirmed their top rating in France, market confidence shows otherwise.
“If Italy and Spain have problems, then can we be sure that France can still be seen as part of the” core “of the euro area. This group has fewer countries, “said chief economist for UniCredit area of ​​Mark Valley.
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Government securities (GS) of developing Asian economies are protected from the Greek crisis and will perform well this year thanks to low levels of debt in these countries and because of the rapid growth of their economies. It predicts the international credit rating agency Standard & Poor’s, quoted by Bloomberg. Its economists point out that while government bonds of developed countries are less reliable because they are exposed to a deepening crisis of sovereign debt of Greece. William Hess, director of the division of Standard & Poor’s sovereign ratings for Asia, believes that the interest of investors to the region will increase, but the direct risk of transferring the debt crisis of Europe and Asia still remains limited. Asia surpassed other regions in contributing to the recovery of global economy this year, which happens for the first time in history, according to analysts at the International Monetary Fund (IMF). Countries like China, India and South Korea have caused the region to gain a record amount of foreign exchange reserves. This is the response from the Asian crisis in 1997-98, which showed that their central banks can not ensure the stability of local currencies and financial system. Now, the dynamic rates of economic growth in Asian countries, coupled with their low levels of debt, make them an attractive investment alternative. These factors will promote the strengthening of capital flows and the reduction in risk premiums in Asia, considered from Standard & Poor’s.
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