Downgrade of France's Long-term Credit Rating
On November 11, 2011 S&P erroneously announced the cut of France's triple-A rating (AAA). French leaders said that the error was inexcusable and called for even more regulation of private credit rating agencies (CRA's). On January 13, 2012 S&P truly cut France's AAA rating, lowering it to AA+. This was the first time since 1975 that Europe's second-biggest economy, France, had been downgraded to AA+. The same day S&P downgraded the rating of eight other European countries: Austria, Spain, Italy, Portugal, Malta, Slovenia, Slovakia and Cyprus.
Read more about this topic: Standard & Poor's
Famous quotes containing the words france, long-term and/or credit:
“Intellectuals can tell themselves anything, sell themselves any bill of goods, which is why they were so often patsies for the ruling classes in nineteenth-century France and England, or twentieth-century Russia and America.”
—Lillian Hellman (1907–1984)
“Attachment to a baby is a long-term process, not a single, magical moment. The opportunity for bonding at birth may be compared to falling in love—staying in love takes longer and demands more work.”
—T. Berry Brazelton (20th century)
“The solar system has no anxiety about its reputation, and the credit of truth and honesty is as safe; nor have I any fear that a skeptical bias can be given by leaning hard on the sides of fate, of practical power, or of trade, which the doctrine of Faith cannot down-weigh.”
—Ralph Waldo Emerson (1803–1882)