Small rating agency downgrades Germany
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Small rating agency downgrades Germany

Berlin : Germany | Jun 26, 2012 at 1:05 PM PDT
Source: Associated Press
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Egan-Jones credit ratings agency says it has downgraded Germany by one notch from AA- to A+ and has issued a negative watch for the country's sovereign debt amid Europe's lingering debt crisis. The U.S. company cited Germany's implicit debt stemming from different mechanisms stabilizing the 17-nation eurozone as the main reason for its decision. Moody's, Standard & Poor's and Fitch - give Germany their best rating and have not questioned the AAA for Europe's biggest economy. Most investors consider Germany's sovereign debt to be a safe haven, significantly driving down the yields and making it cheap for Germany to borrow new funds. Recently a short-term debt auction even brought negative yields, meaning investors paid Germany to take their money.

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Fitch ratings agency placed 12 major European and US banks on watch for possible downgrade
Fitch ratings agency placed 12 major European and US banks on watch for possible downgrade
 
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