UK 'should be downgraded' before France, says ECB's Noyer

Road_Hog

They're trying to make out that US based (note the trying to make it sound American) Fitch has affirmed France's AAA credit rating.

But what they don't tell you is, that Fitch is a subsidiary of a large French corporation and is about as American as a French beret made in Paris.

"The Fitch Group is a majority-owned subsidiary of FIMALAC, headquartered in Paris."

"FIMALAC was created by Marc Ladreit de Lacharrière in 1991"

http://en.wikipedia.org/wiki/Fitch_Group

Road_Hog

Oops, they've just put in an update, looks like they realised their credibility was being questioned.

"Relative to other ‘AAA’ Euro Area Member States, France is in Fitch’s judgement the most exposed to a further intensification of the crisis. It has a larger structural budget deficit and higher government debt burden relative to Euro Area ‘AAA’ peers. Moreover, relative to non-Euro Area ‘AAA’ peers, notably the US (‘AAA’/Negative Outlook) and the UK (‘AAA’/Stable Outlook), the risk from contingent liabilities from an intensification of the Eurozone crisis is greater in light of its commitments to the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM), as well as indirectly from French banks that are less strong than previously assessed as reflected in recent negative rating actions by Fitch."

http://ftalphaville.ft.com/blog/2011/12/16/804161/fitch-big-euro-fix-technically-and-politically-beyond-reach/

datostar

kabayiri wrote: »

Noyer by name, A-Noying by nature.

Para-Noyer?? Perfidious Anglaises have it in for them again.

tomterm8

Fitch just gave France a negative outlook on it's credit rating.

"Relative to other 'AAA' Euro Area Member States, France is in Fitch's judgement the most exposed to a further intensification of the crisis."

worldtraveller

Source: Telegraph