S&P Cuts UK Outlook To Negative

Tyler Durden's picture

The drainage of AAA quality collateral contonues as S&P cuts it outlook on the United Kingdom to negative...

  • *BANK OF ENGLAND OUTLOOK TO NEGATIVE FROM STABLE: S&P
  • *UNITED KINGDOM OUTLOOK TO NEGATIVE FROM STABLE BY S&P

more as we get it...

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Cursive's picture

@NEOSERF

Using that logic, Fitch, Moody's and S&P should just give 'em the triple hooks right now.  Would take a lot of weight off of their collective shoulders.

Jason T's picture

Japan is gonna blow next year .. that'll start the domino

swissaustrian's picture

Downgrading a central bank, now that's great. What was the idea behind it? Is the printing press broken?

StoleYourMoney's picture

Wait til they cut the US credit rating this month!

SheepDog-One's picture

CCC is the new AAA....rejoice jolly good show!

Lost Wages's picture

As long as everyone is downgraded to CCC together, it will be OK.

HoaX's picture

“I am not going to speculate about the future decisions of rating agencies,” Osborne said. “My job is to maintain credibility. What I see in the current environment, with a lot of problems elsewhere in the European continent, is that the U.K. is something of a safe haven.”

https://www.youtube.com/watch?v=jHPOzQzk9Qo

 

Lord Peter Pipsqueak's picture

The new Goldman ringmaster Carney,is now showing his true money printing colours and has recently said it may be necessary for the UK to have a different target for the BofEngland instead of the current 2% inflation target(which as everyone with an IQ bigger than their shoe size has realised was not being followed - growth was the aim)he now wants to consider growth targets,which in a country with an economy as bombed out as this would only mean one thing- massive money printing to send GDP positive-not real growth of course but forget inflation -that is so 70's,growth to reduce unemployment,the return of house price inflation is what the UK populace want.

Those stupid enough to have not overborrowed to buy a house-(sorry money making machine)-and saved for their future and made pension arrangements,well they are going to be thrown on the proverbial fire. 

http://www.dailymail.co.uk/news/article-2246924/New-Bank-England-boss-Mark-Carney-hints-tear-rule-book-economy-moving.html

Canucklehead's picture

Carney's comments should be taken with a grain of salt.

What he basically said is he wants to replace one bogus number (inflation) with another bogus number (GNP).

As both numbers are bogus, the only indication given is that he intends to print.  There is no news in that.

The $64 question is what happens to the bond market?  An exit strategy is the same as a strategy to play musical chairs.  You need to ease your way out and you can't wait for that last chair.  Once out, where do you go?

Scalaris's picture

Complete and utter poppycockery.

I say, those dastardly S&Ps should be hanged, drawn and quartered under Lambeth bridge.

tradewithdave's picture

Highly unlikely. I saw the professor in the video with the gold. He had really long hair like a real genius. There was a lot of video gold. They are very rich. This downgrade must be some sort of mistake. If not, they would self-implode. That could never happen to a bank... even one with a printing press. Remain calm and carry on.

www.tradewithdave.com

Wile-E-Coyote's picture

Here in the UK it is shit. Low wages, no wage growth and rampant inflation. We are on the road to punary.

Lol... today on the news the queen was at the bank of England inspecting the Gold vault, I bet she was making sure her stash was still there.

smiler03's picture

Low wages, no wage growth and rampant inflation.

 

Indeed it is, the rest of the world is, Low wages, no wage growth and rampant inflation.

Punary? Fuck knows what that means except that you can't spell.

 


NEOSERF's picture

2 years from now they might actually cut the rating which is really helpful for investors...rating agencies seem to be less a proactive helpful analytical organizations bent on ferreting out issues that money managers may not know about.  Too frequently now, they are 2 years behind and simply hold the keys to policy cuts that have to happen once they downgrade as everyone knows should have happened years earlier.  And even then if there are no more AAA countries then those policies are busily being rewritten now to allow crappier collateral for whatever "investment" needs to invest in them...we can play this game for decades longer...

smiler03's picture

If ratings ever meant anything then why the fuck were US Mortgage backed securities (AAA) the downfall of the global economy?

 

It is obvious and simple to anybody apart from 90% of ZH morons who cannot see beyond their bibles...

The US is the most corrupt, fucked up, out of control, unscrupulous, nefarious, perfidious, foulest piece of shit that has ever existed.

Or put more simpy, using a popular ZH contributor: akak

akak backwards spells kaka which is hebrew for shit

With ambassadors like ZH contributors, it's no wonder that the world hates you ignorant twats. 

Venerability's picture

In the same announcement, S&P also cut its ratings on Yorkshire terriers, cilantro, treadmills, sweet potatoes, soap, April, mimes, break dancing, and its research director's Cousin Dorothy, who forgot to send him a birthday card last year.