Fitch Downgrades Portugal To A-, On Rating Watch Negative

Tyler Durden's picture

In a very unsurprising move, Fitch just downgraded Portugal to A-, is on Rating Watch Negative, and may be downgraded further. Nobody cares since everyone knows all too well Europe is pretty much insolvent. In fact we are shocked the EURUSD is not at 2.00 on the news.

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EscapeKey's picture

In fact we are shocked the EURUSD is not at 2.00 on the news.

Well, technically, it's about sqrt(2.0).

Anyway, give it time.

Tulli's picture

Judging by what the PSI-20 Portuguese equities benchmark index did today, this is surely bullish for Portuguese stocks, so a gap up is expected as soon as tomorrow!

/sarcasm off.

Xkwisetly Paneful's picture

Only numerous grades higher than Illinois very shocking.

plocequ1's picture

Wow, Thats not good.

Frank Redner's picture

-In fact we are shocked the EURUSD is not at 2.00 on the news.

Stop the crap or back to kindergarten

stormsailor's picture

hooray for captain obvious

cossack55's picture

Thats rather like the old saw, "Bombing Afghanastan up to the stone-age". A-. Really?

no2foreclosures's picture

Who cares about what Fitch or Moody's or whatever these rating agencies do?  They are part and parcel of the same Ponzi Scheme called America.

sabra1's picture


X. Kurt OSis's picture

Don't be so hard on the ratings agency people... they are just a bunch of poor saps trying to earn a buck.

Besides, they are just angry about being harrassed by investors, congressmen and the occasional 'bloody loco'...!5785015/subway-sweater-guy-who-fended-off-bloody-loco-speaks

no2foreclosures's picture

Don't know why ZH double posted my previous comment?

no2foreclosures's picture

Well, your point is well taken.  People don't make a Ponzi Scheme work, or do they?  Just because they work for this Corp. from Hell does it mean that they are not responsible for their actions just because they are a cog in the wheel of the Ponzi Scheme?  BTW, the cool, calm, and collective one is that video is not a 'norte americano'.  The crazy one is that norte americano.

godzila's picture

I muss say I'm rather bemused by the recent strength  in the EUR

dwdollar's picture

Is it really necessary to have a rating if everyone and Satan is bailed out anyway?  Good for laughs I guess.

Robot Traders Mom's picture

Most people would be surprised to see how many "high quality" essential service revs and G.O.'s are just plain shit. Many investment firms still have it in their ADV that they will invest in _% AA or insured so they buy absolute shit. So in that sense, Moodys/S&P still matter.

It really is hot potato in the muni market. Meredith maybe early, but she is definitely not wrong.

max2205's picture

I am shocked they didn't wait a few more days to do a better review.
Who pays these people?!

john milton's picture

better than expected junk shot

Seasmoke's picture

man, what do you have to do to get a BBB

LawsofPhysics's picture

Hmm, how to get downgraded...

LawsofPhysics's picture

Spend within your means, save, and be productive. That will get you downgraded for sure.

Insiderman's picture

I would say A- represents serious grade inflation.

tallen's picture

Retardonomics at work, EURUSD up 0.78% today.

LawsofPhysics's picture

Sweet, maybe a meteor will hit Portugal and they will get their AAA rating back.

Traianus Augustus's picture

China - hard at work swapping USD turds for EUR turds!!!

Mongo's picture

Aksjully... the ratings should be rated. To complete the circle of fail it should be done so by the central banks...

Frank Redner's picture

Im new here and need to contribute to the community:

chairsatan bitchez, gold bitchez, silver bitchez, even tungsten bitchez, euro crisis bitchez, glowing swans bitchez and bitchez bitchez....


I hope i get a warm welcome



Reptil's picture

junk bitchez!

(neh - too obvious)

ps: I'm new too. Always have been.

Traianus Augustus's picture

Nice start so far.  I see your previous post has been junked already.  Just remember to post any sarcastic comments with the sarcasm button and you should be good.  Welcome!

NOTW777's picture


affirmative action grading

downwiththebanks's picture

Fitch = junk

Why aren't these professional liars in jail?  Not one of the ratings agencies should be operational after the collossal fraud to which they continue to subject us.

Shut these MFers down, and behead the executives.

Dick Darlington's picture

Here's some more bullish news from Europe. Rioting seems to transfer into the heart of EU, not just Greece or MENA anymore...

Portugal's picture


Conversely, Why aren't you shocked that USDEUR didn't reached (2.00 ) long ago.... Do you really want to compare the financials of Portugal with California, or some other US states ?

buzzsaw99's picture

Hey Portugal, take the bailout money and run!

CrashisOptimistic's picture

It's not BAILOUT.  It's more debt.  That money isn't a grant.  It's a loan.

They Must Defaut.  Until someone has the balls to default, nothing is going to change.  A default will FINALLY trigger the swaps and take it all down.

Ruffcut's picture

They need a new TV show to correlate to this bullshit.

The Biggest winner, were chubbies eat as much as they can. Hot dog and pie eating contests and the like.

Most amerikans want the ponzi to continue. Bring on all the fake bobbies you can. The ratings agencies are probably instructed to lie for "national security" reasons, and to protect their own personal ponzi positions.

Waiting for next big propaganda campaign;

"telling the truth, is un amerikan."

HedgeFundLIVE's picture

this latest move up in the market with all this ugly stuff like the downgrade happening= def. a shorting oppty:

faustian bargain's picture

I guess A- is the new F+

Johnny Lawrence's picture


eureka's picture

USD minus Pentagon = Insolvent Fiat #1.

Marc45's picture

When I was in school an A- was considered a pretty good grade.


CrashisOptimistic's picture

Someone, somewhere HAS to have the balls to default and trigger the swaps.

Only the swaps really matter.  It is the swaps that cause the rampant bailouts.  Until someone defaults rather than take a slavery inducing bailout, nothing will change.

Ferg .'s picture

The market's response to anything euro negative as of late can be condensed down to one simple sentiment : who gives a fuck .

It truly has been a nightmare to trade , as has FX in general .