Adding to all the concerns about [SOVEREIGN CREDIT], China's Dagong Global Credit Rating agency has downgraded a string of AAA rated countries, including the US (now AA), UK, France (both AA-), Belgium, Spain and Italy (all A-). At the same time, China's standing was elevated to AA+, putting it in the same category as Germany, Holland and Canada, while those countries retaining their top-notch status are Norway, Denmark, Switzerland, plus Australia and New Zealand. Note, this all came before the latest downgrade at the Eurozone margins, with Moody's cutting Portugal just a short while ago, but the moves by Dagong were politically motivated in part, plus more focused on an assessment of a country's wealth creating ability and levels of FX reserves. Back to the EMU periphery, there are reports in Der Speigel suggesting German Chanc Merkel is looking at a formal
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- downgrades...aud looking good!
downgrades...aud looking good!
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