Not content with wrecking the financial sytem by encouraging the take-up of SIVs based on shaky mortgages, the ratings agencies are now having a go at the sovereign nations. Wouldn't it be nice if they simply went on holiday or something - for about 5 years.
S&P Puts Ratings On Eurozone Sovereigns On Watch With Negative Implications
Standard & Poor's Ratings Services today placed its long-term sovereign ratings on 15 members of the European Economic and Monetary Union (EMU or eurozone) on CreditWatch with negative implications. We have also maintained the CreditWatch negative status of our long-term rating on Cyprus and placed its short-term ratings on CreditWatch with negative implications. The ratings on Greece have not been placed on CreditWatch. The ratings on the eurozone sovereigns are listed below. Today's CreditWatch placements are prompted by our belief that systemic stresses in the eurozone have risen in recent weeks to the extent that ... (full story)