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 long-term and/or credit:
“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)
““What are the characteristics of today’s world so that one may recognize it by them?” It pays pensions and borrows money: credit and monuments.”
—Franz Grillparzer (1791–1872)