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:
“The best of America drifts to Paris. The American in Paris is the best American. It is more fun for an intelligent person to live in an intelligent country. France has the only two things toward which we drift as we grow older—intelligence and good manners.”
—F. Scott Fitzgerald (1896–1940)
“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)
“Laws remain in credit not because they are just, but because they are laws. That is the mystic foundation of their authority; they have no other.”
—Michel de Montaigne (1533–1592)