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:
“In France one must adapt oneself to the fragrance of a urinal.”
—Gertrude Stein (1874–1946)
“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)
“My credit now stands on such slippery ground
That one of two bad ways you must conceit me,
Either a coward or a flatterer.”
—William Shakespeare (1564–1616)