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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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Thu, 03/24/2011 - 12:26 | 1095622 EscapeKey
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.

Thu, 03/24/2011 - 15:55 | 1096505 Tulli
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.

Thu, 03/24/2011 - 20:37 | 1097671 Xkwisetly Paneful
Xkwisetly Paneful's picture

Only numerous grades higher than Illinois very shocking.

Thu, 03/24/2011 - 12:27 | 1095626 plocequ1
plocequ1's picture

Wow, Thats not good.

Thu, 03/24/2011 - 12:28 | 1095631 Racer
Racer's picture

Good news for the market

Thu, 03/24/2011 - 12:31 | 1095638 plocequ1
plocequ1's picture

Im on sarcasm mode

Thu, 03/24/2011 - 12:48 | 1095724 Racer
Racer's picture

So was I  :)

Thu, 03/24/2011 - 13:21 | 1095873 camaro68ss
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DP

Thu, 03/24/2011 - 13:21 | 1095875 camaro68ss
camaro68ss's picture

TP

Thu, 03/24/2011 - 13:21 | 1095876 camaro68ss
camaro68ss's picture

I think this news is good for DOW 150+ what do you think

Thu, 03/24/2011 - 12:29 | 1095630 Frank Redner
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

Thu, 03/24/2011 - 12:30 | 1095633 stormsailor
stormsailor's picture

hooray for captain obvious

Thu, 03/24/2011 - 12:29 | 1095636 cossack55
cossack55's picture

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

Thu, 03/24/2011 - 12:30 | 1095643 no2foreclosures
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.

Thu, 03/24/2011 - 12:34 | 1095666 sabra1
sabra1's picture

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!

Thu, 03/24/2011 - 12:43 | 1095707 X. Kurt OSis
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'...

http://gawker.com/#!5785015/subway-sweater-guy-who-fended-off-bloody-loco-speaks

Thu, 03/24/2011 - 14:14 | 1096133 no2foreclosures
no2foreclosures's picture

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

Thu, 03/24/2011 - 14:12 | 1096134 no2foreclosures
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.

Thu, 03/24/2011 - 12:36 | 1095675 godzila
godzila's picture

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

Thu, 03/24/2011 - 12:39 | 1095678 dwdollar
dwdollar's picture

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

Thu, 03/24/2011 - 12:38 | 1095683 Robot Traders Mom
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.

Thu, 03/24/2011 - 12:37 | 1095686 max2205
max2205's picture

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

Thu, 03/24/2011 - 12:40 | 1095688 john milton
john milton's picture

better than expected junk shot

Thu, 03/24/2011 - 12:41 | 1095691 Seasmoke
Seasmoke's picture

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

Thu, 03/24/2011 - 12:46 | 1095713 shushup
shushup's picture

lol

 

Thu, 03/24/2011 - 12:54 | 1095727 LawsofPhysics
LawsofPhysics's picture

Hmm, how to get downgraded...

Thu, 03/24/2011 - 12:52 | 1095729 LawsofPhysics
LawsofPhysics's picture

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

Thu, 03/24/2011 - 12:40 | 1095696 Insiderman
Insiderman's picture

I would say A- represents serious grade inflation.

Thu, 03/24/2011 - 12:42 | 1095701 tallen
tallen's picture

Retardonomics at work, EURUSD up 0.78% today.

Thu, 03/24/2011 - 12:49 | 1095721 LawsofPhysics
LawsofPhysics's picture

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

Thu, 03/24/2011 - 12:49 | 1095725 Traianus Augustus
Traianus Augustus's picture

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

Thu, 03/24/2011 - 12:51 | 1095734 Mongo
Mongo's picture

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

Thu, 03/24/2011 - 12:53 | 1095738 Frank Redner
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

 

 

Thu, 03/24/2011 - 12:56 | 1095747 Reptil
Reptil's picture

junk bitchez!

(neh - too obvious)

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

Thu, 03/24/2011 - 12:56 | 1095752 Traianus Augustus
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!

Thu, 03/24/2011 - 12:56 | 1095746 NOTW777
NOTW777's picture

LOL A- 

affirmative action grading

Thu, 03/24/2011 - 13:05 | 1095786 downwiththebanks
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.

Thu, 03/24/2011 - 13:06 | 1095792 Dick Darlington
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...

http://www.reuters.com/article/2011/03/24/us-brussels-protests-idUSTRE72...

Thu, 03/24/2011 - 13:15 | 1095842 Portugal
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 ?

Thu, 03/24/2011 - 13:17 | 1095853 buzzsaw99
buzzsaw99's picture

Hey Portugal, take the bailout money and run!

Thu, 03/24/2011 - 15:24 | 1096357 CrashisOptimistic
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.

Thu, 03/24/2011 - 13:36 | 1095951 Ruffcut
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."

Thu, 03/24/2011 - 13:39 | 1095962 HedgeFundLIVE
HedgeFundLIVE's picture

this latest move up in the market with all this ugly stuff like the downgrade happening= def. a shorting oppty: http://www.hedgefundlive.com/blog/recent-march-rally-a-shorting-opportunity

Thu, 03/24/2011 - 13:41 | 1095977 faustian bargain
faustian bargain's picture

I guess A- is the new F+

Thu, 03/24/2011 - 14:08 | 1096110 Johnny Lawrence
Johnny Lawrence's picture

INVESTMENT GRADE, bitches.

Thu, 03/24/2011 - 14:15 | 1096156 eureka
eureka's picture

USD minus Pentagon = Insolvent Fiat #1.

Thu, 03/24/2011 - 14:58 | 1096288 Marc45
Marc45's picture

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

 

Thu, 03/24/2011 - 15:21 | 1096337 CrashisOptimistic
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.

Thu, 03/24/2011 - 15:27 | 1096375 Ferg .
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 .

Thu, 03/24/2011 - 16:12 | 1096592 ivana
ivana's picture

Believe that Master Puppeteer got really busy trying to coordinate japanese crisis & JPY case and to keep "balance" in global banking finance fiat scam.
During this exeptional period banking cabal has nothing against USD slowly depreciating keping EUR relativly high.

In the meantime, rest of utilities (MSM, ratings etc) did continue according to original plan.

And here we are, wondering why the hell is EUR still going higher

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