Standard & Poor's

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S&P: Greek Rescue Plan Would Count as a Default

Credit rating firm rejects French banks' plans

(Newser) - Greece got yet more bad news today, when Standard & Poor's issued a statement saying that a proposed rescue plan from banks in France "would likely amount to a default" as far as it was concerned. French banks planned to roll over their holdings in the country's...

Dow Plummets Below 12K
 Dow Plummets Below 12K 
Jun 23, 2011 10:26 AM CDT

Dow Plummets Below 12K

Unemployment claims, oil prices lead to drop

(Newser) - The number of unemployment claims jumped to 429,000 last week, an unexpected rise that led the Dow Jones industrial average to fall below 12,000. Falling oil prices—they decreased 5% today—also drove US stocks lower, the AP reports. The Dow was down recently more than 215 points,...

S&P Kicks Greece to World's Lowest Credit Rating

Says default is likely

(Newser) - Standard & Poor’s knocked Greece down a whopping three notches in its latest credit rating today, saying a default was "increasingly likely." Greece’s new rating—CCC—is the lowest of any country in the world, standing just four steps above default, Reuters reports. What’s worse,...

S&amp;P Downgrades Japan, Too
 S&P Downgrades Japan, Too 
Apr 27, 2011 8:24 AM CDT

S&P Downgrades Japan, Too

Rating agency fears cost of rebuilding will damage country's finances

(Newser) - Looks like the US has some company: Standard & Poor’s has downgraded Japan’s credit outlook to negative, much as it did for the US last week. In Japan’s case the culprit is, of course, the earthquake and tsunami, which S&P believes could cost the government as...

S&P, Moody's Say US Credit Rating at Risk

Markets don't seem bothered by warnings, however

(Newser) - Two prominent credit-rating agencies say the US could lose its AAA credit rating if it doesn't get in better financial shape, the Wall Street Journal reports. Standard & Poor's and Moody's both issued dire warnings on the nation's creditworthiness—although investors didn't seem much bothered. Moody's cited rising debt, and...

GDP Grows 2% in 3Q
 GDP Grows 2% in Q3 
Oct 29, 2010 8:54 AM CDT

GDP Grows 2% in Q3

Growth fits economists' predictions

(Newser) - The economy grew slightly faster over the summer as Americans spent a little more freely: The GDP grew at a 2% rate during the third quarter, in line with what economists had forecast. It marks a slight improvement over last quarter, when the GDP grew at a 1.7% rate....

Why the World Should Worry About California

It faces the same troubles that shook Greece

(Newser) - Greece's financial trouble may have seemed far off before it helped send the stock market into a tizzy. Business Insider says the same kind of mess could easily hit even closer to home, in California. A sampling of its 16 reasons:
  • Even after last year's huge cuts, the state still
...

Real Subprime Scandal Is Ratings Firms, not Goldman
Real Subprime Scandal Is Ratings Firms, not Goldman
paul krugman
Apr 26, 2010 5:48 AM CDT

Real Subprime Scandal Is Ratings Firms, not Goldman

99% of AAA-rated subprime securities now junk

(Newser) - Goldman Sachs won't come out of the Senate financial reform hearings smelling of roses, but it's the much bigger stink coming from credit ratings firms that lawmakers should focus on, warns Paul Krugman. Emails released by the Senate subcommittee probing the financial crisis show how corrupt the system of credit...

Banks Gamed Rating Agencies Using Their Models

High ratings were reverse-engineered for lousy packages

(Newser) - With rating agencies under fire for giving good ratings to terrible investments, Gretchen Morgenson and Louise Story argue in the New York Times today that it wasn't all their fault. In a push for transparency, the likes of Moody's, Sandard & Poor's, and Fitch made public the computer models they...

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