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.
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Famous quotes containing the words france, long-term and/or credit:
“But as some silly young men returning from France affect a broken English, to be thought perfect in the French language; so his Lordship, I think, to seem a perfect understander of the unintelligible language of the Schoolmen, pretends an ignorance of his mother-tongue. He talks here of command and counsel as if he were no Englishman, nor knew any difference between their significations.”
—Thomas Hobbes (1579–1688)
“Whether changes in the sibling relationship during adolescence create long-term rifts that spill over into adulthood depends upon the ability of brothers and sisters to constantly redefine their connection. Siblings either learn to accept one another as independent individuals with their own sets of values and behaviors or cling to the shadow of the brother and sister they once knew.”
—Jane Mersky Leder (20th century)
“If you love those who love you, what credit is that to you? For even sinners love those who love them.”
—Bible: New Testament, Luke 6:32.