Source: NHK World
Date: Wednesday, October 05, 2011 10:05 +0900 (JST)
by: Ai Uchida
Major US credit rating agency Moody's downgraded Italy's sovereign debt on Tuesday as the debt crisis continues in the Eurozone.
Italy's credit rating was lowered to A2 , down 3 notches from Aa2 .
Moody's said the downgrade is due to a further worsening of the European
debt crisis. It also cited concerns about whether Italy can achieve
fiscal reconstruction, as proposed by the administration of Prime
Minister Silvio Berlusconi.
It was only last month that another US credit rating agency, Standard
and Poor's, cut Italy's sovereign debt rating. Both agencies now give
the same credit rating for Italy, which is the 6th level from the top.
Moody's cutting the rating by 3 notches could cause repercussions in
financial markets already battered by a postponed decision on bailout
loans for Greece.
Showing posts with label Moody's. Show all posts
Showing posts with label Moody's. Show all posts
Tuesday, October 4, 2011
Tuesday, August 23, 2011
Moody's downgrades Japan's debt rating to Aa3 from Aa2
Source: NHK World
Date: 8/23/2011 (Wednesday, August 24, 2011 10:22 +0900 (JST))
US credit agency Moody's Investors Service has downgraded Japan's debt by one notch, on concerns over the country's worsening fiscal situation.
Moody's cut Japan's government bond rating on Wednesday to "Double A 3" from "Double A 2".
The new rating ranks Japanese debt at the same level as that of countries like China and Chile.
The agency says it made the downgrade because the effects of the March disaster and resulting power shortages are slowing Japan's economic growth.
It added that the country has failed to hammer out viable plans for reforming its social security and tax system.
Without a clear direction, Moody's says, Japan's economy will deteriorate further.
But the agency notes that Japan has the largest external assets among advanced economies. It says the country will continue to win the trust of the market as long as it manages to improve its fiscal condition.
On the downgrade, Japan's Finance Minister Yoshihiko Noda said he will not comment on a private-sector agency's assessment. But he said that going by recent bond auctions, the market's trust in Japanese government bonds remains firm.
Date: 8/23/2011 (Wednesday, August 24, 2011 10:22 +0900 (JST))
US credit agency Moody's Investors Service has downgraded Japan's debt by one notch, on concerns over the country's worsening fiscal situation.
Moody's cut Japan's government bond rating on Wednesday to "Double A 3" from "Double A 2".
The new rating ranks Japanese debt at the same level as that of countries like China and Chile.
The agency says it made the downgrade because the effects of the March disaster and resulting power shortages are slowing Japan's economic growth.
It added that the country has failed to hammer out viable plans for reforming its social security and tax system.
Without a clear direction, Moody's says, Japan's economy will deteriorate further.
But the agency notes that Japan has the largest external assets among advanced economies. It says the country will continue to win the trust of the market as long as it manages to improve its fiscal condition.
On the downgrade, Japan's Finance Minister Yoshihiko Noda said he will not comment on a private-sector agency's assessment. But he said that going by recent bond auctions, the market's trust in Japanese government bonds remains firm.
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