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:
“I shall not bring an automobile with me. These inventions infest France almost as much as Bloomer cycling costumes, but they make a horrid racket, and are particularly objectionable. So are the Bloomers. Nothing more abominable has ever been invented. Perhaps the automobile tricycles may succeed better, but I abjure all these works of the devil.”
—Henry Brooks Adams (1838–1918)
“The strongest and most effective [force] in guaranteeing the long-term maintenance of ... power is not violence in all the forms deployed by the dominant to control the dominated, but consent in all the forms in which the dominated acquiesce in their own domination.”
—Maurice Godelier (b. 1934)
“Gratitude among friends is like credit among tradesmen: it keeps business up, and maintains commerce. And we pay not because it is just to discharge our debts, but that we might the more easily find lenders on another occasion.”
—François, Duc De La Rochefoucauld (1613–1680)