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France’s high credit rating downgraded one notch

January 13, 2012 in Grand Forks Herald

Finance Minister Francois Baroin told a French TV station that France had been downgraded by one notch by credit rating agency Standard & Poor’s. That would mean a rating of AA+, the same as the United States since it was downgraded last summer.
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S&P warnings of possible downgrade to European bailout fund AAA rating

December 6, 2011 in Grand Forks Herald

The move announced today follows S&P’s notice on Monday that it may cut the credit rating of 15 eurozone countries, including Germany’s, because the region’s financial crisis is worsening without any imminent fix.
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Despite threatened German downgrade, Wall Street stocks rise

December 5, 2011 in Grand Forks Herald

Stocks are closing modestly higher after a reported threat to Germany’s credit rating deflated a morning market rally.
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Source: S&P set to put eurozone on credit watch

December 5, 2011 in Grand Forks Herald

A person familiar with the matter says Standard & Poor’s is examining the credit rating of all 17 eurozone countries for a possible downgrade as the continent’s debt crisis lingers. Continue Reading

Bear market territory: S&P 500 falls on Europe worries

October 4, 2011 in Grand Forks Herald

The Standard & Poor’s 500 index fell 1.6 percent early today, bringing it into what many consider to be a bear market. The yield on the 10-year Treasury note fell near a record low as investors piled into lower-risk assets. Continue Reading

UPDATE: S&P hits new 2011 low as U.S. Dow sinks 258 points

October 3, 2011 in Grand Forks Herald

UPDATED 3:12 P.M.The latest setback in Europe’s financial crisis is sending stocks sharply lower. The S&P 500, the benchmark for most U.S. stock funds, slumped to its lowest level of the year.
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It’s not just economics: Sen. Johnson questions S&P’s political judgment

August 10, 2011 in The Daily Republic

Today, Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Johnson (D-SD) issued the following statement on the market reaction to Standard & Poor’s downgrade of U.S. Treasuries.

“In the minds of serious, reasonable, and informed individuals there is no doubt that the U.S. will meet its debt obligations and we are seeing even more proof of that today. As the financial markets stumble, investors continue to regard Treasury debt as a safe haven in times of economic uncertainty. This irresponsible move by S&P may, however, have spillover effects that tax the American people by increasing interest rates on home loans, credit cards, and car loans, and by increasing the cost of finance for some state and local governments. I am deeply disappointed in S&P’s decision to enter into the game of political punditry.”

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Experts divided over S&P decision to downgrade long-term U.S. debt

August 8, 2011 in Grand Forks Herald

Standard & Poor’s decision to downgrade the credit rating of long-term U.S. debt has unleashed a flood of responses from critics and defenders. Continue Reading

GOP presidential candidates Bachmann, Pawlenty attack Obama over credit rating

August 8, 2011 in Grand Forks Herald

Republican presidential hopefuls Michele Bachmann and Tim Pawlenty are trying to use the downgrade of the nation’s credit rating to their political advantage ahead of this weekend’s Iowa straw poll. Continue Reading

U.S. credit is AAA, Obama says, despite S&P downgrade to AA+

August 8, 2011 in Grand Forks Herald

President Barack Obama also said the United States didn’t need a rating agency to tell it that it’s political system was having trouble functioning. Continue Reading