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Friday, December 16, 2011

Is S&P About To Make Its Most Embarrassing Downgrade Yet?


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Friday, December 16, 2011
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Is S&P About To Make Its Most Embarrassing Downgrade Yet?

The ratings agencies catch a lot of flack for making ratings adjustments too late -- after the market has already rendered a verdict.

We wonder if that's about to happen again. Everyone is speculating over whether France is about to lose its AAA; indeed S&P has already put all of Europe on CreditWatch Negative.

But what's funny is that from a market perspective, France already seems to be healing.

Yields on the 10-year are sharply lower than they were just a few weeks ago, and well lower than they were earlier this year. (This improvement also coincides with a very nice rally in the short-end of the yield curve).

If in fact that S&P downgrade does come soon, it could be a classic too-late-to-be-useful call.

Read »


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