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NEWS ABOUT: S&P

S&P: We'll Likely Declare Greece in Default

As Greece struggles to restructure debt

(Newser) - Standard & Poor's will likely downgrade Greece's rating to "selective default" after its debt restructuring, the rating agency said at a Bloomberg event today—though it adds that the move might not destroy the European Union's credit. "It's not a given that Greece's... More »

S&P Downgrades France, Italy, 7 Others

Paris and Austria lose AAA status

(AP) - Standard & Poor's has downgraded the government debt of France, Austria, Italy, and Spain by one notch, but maintained Germany's at the coveted 'AAA' level. The cuts, which eliminated France and Austria's triple-A status, deal a heavy blow to the currency union's ability to fight... More »

Home Prices Dive, Indicate Gloomy '12

Case-Shiller Home Price Index reverses 5 months of gains

(Newser) - After five straight months of gains through August, many market watchers had hoped home prices were finally trekking northward for good. No such luck: According to the just-released S&P/Case-Shiller Index, home prices fell in 19 of the nation’s 20 largest cities from September to October, bringing the index... More »

Moody's Scoffs at Europe Deal, Threatens Downgrades

Warning stems from concerns over widening growth gap

(Newser) - Despite the deal reached by European leaders to strengthen the euro zone, Moody's warned today that the crisis is still at a "critical and volatile stage" and that some European Union countries could still find their sovereign ratings downgraded. It expressed specific concern about the expanding growth gap... More »

S&P to Put Euro Zone on Credit Watch

Announcement likely after markets close

(AP) - A person familiar with the matter says Standard & Poor's is examining the credit rating of all 17 euro zone countries for a possible downgrade as the continent's debt crisis lingers. The person said today that S&P is likely to make an announcement on putting the euro... More »

S&P Lowers Belgium's Credit Rating

Cites 'protracted political uncertainty'

(AP) - Standard & Poor's is lowering its long-term sovereign credit rating for Belgium, citing a threat to exports and the country's lack of a permanent government. In a sign that financial contagion is spreading across Europe, the agency cut Belgium's credit rating from AA+ to AA. Belgium has... More »

S&P Downgrades Spain

Long-term debt rating hits AA-

(AP) - Standard & Poor's yesterday downgraded its long-term debt rating on Spain to "AA-" from "AA," citing the country's weak growth prospects and risks facing its banks. The Spanish economy is burdened by high unemployment, tight credit, heavy private-sector debt loads, and prospects that its main... More »

SEC Probing S&P Downgrade

But analysts say proving insider trading violations would be difficult

(Newser) - The SEC wants to know who knew about S&P's decision to downgrade the United States credit rating before it happened, as part of a very initial look at whether insider trading violations occurred, reports the Financial Times . Those involved in the case say the investigation isn't based... More »

Guess Who Hiked Taxes to Bolster His State's S&P Rating?

Romney lobbied S&P, bragging of increased taxes and revenues

(Newser) - Back in 2004 when he was governor of Massachusetts, Mitt Romney successfully lobbied Standard & Poor's to upgrade the state's credit rating by bragging the state had raised taxes in the state during an economic downturn, reports Politico . Last week, in the face of the first-ever downgrade to... More »

Feds Can't Fix Economy: Poll

New survey shows many of us agree with S&P

(Newser) - Another day, another poll about how much we hate Congress . This latest poll shows, in particular, that just one in four of us believes the federal government can fix the economy. That's down 21 points from October, notes the Washington Post . And a whopping 71% of respondents believe S&... More »

Daily Show's Advice to Obama: 'Go Blacker'

Larry Wilmore says it's too late for prez to fight the stereotype

(Newser) - America's credit downgrade is being called the "Obama downgrade," and Larry Wilmore—the Daily Show 's "senior black correspondent"—isn't happy about it. "America finally gets its first black president, and our credit goes bad. F***!" The GOP must love this,... More »

Dow Licks Wounds, Rises Above 11K

Stocks rebound at the bell, open up 100+ points

(Newser) - After yesterday's beating, the Dow opened with cautious optimism, up about 137 points to 10,947—and it has inched above the 11,000 mark since then. As of 10:40am EST, it was up 215 points to 11,025. The Nasdaq opened up 41, and the S&P... More »

Battered Dow Ends Down 635

US' downgraded credit rocks Wall Street in punishing session

(Newser) - The Dow Jones plummeted under 11,000 today, dropping 635 points as the United States' downgraded credit rating punished the markets. The drubbing took the Dow down 5.55% to 10,810, reports MarketWatch . The Nasdaq and S&P 500 bled more, shedding 6.90% and 6.66% respectively. More »

S&P Downgrades Fannie and Freddie, Too

And any other agencies linked to long-term US debt

(AP) - Standard & Poor's has downgrade fever. The ratings agency today downgraded the credit ratings of mortgage lenders Fannie Mae and Freddie Mac and a host of other agencies linked to long-term US debt, including farm lenders; long-term government-backed debt from 32 banks and credit unions; and three major clearinghouses,... More »

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