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Egan Jones Cuts France To BBB+, Outlook Negative
The next Egan Who target is France, which was just cut from A- to BBB+. EURUSD tumbles, unlike what happens when Moody's or S&P downgrades.
French Republic: EJR rates at BBB+ (Neg.) (S&P: AA+) (223727Z FP)
Synopsis: For the most part, over the past 18 months France has been exempted from the rise in funding costs. However, as the crisis evolves, we expect that France will be pressured. The deterioration in France's credit metrics combined with the needed supported for France's banks are likely to pressure the country. A major catalyst is likely to be charges for the weakened periphery countries. Hollande will be under pressure to keep campaign promises which will ultimately hurt credit quality.
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So we can expect the big 3 (excluding French Fitch of course) to follow suit within 3-6 months.
What's up with the Chinese water torture, just get to it and give them the D- rating they ALL deserve!
I agree. Once the french go to the franc and devalue, my favorite paris whores will cost less. Oooo La La!
But...but...they just elected a socialist!
Wasn't Jesus Christ Hollande going to save france???
remember, remember, the fifth of november
ProvAAnce becomes ProBBBance?
I see London, I see France. I see Tyler's underpants.
Tres BBBien Plus!
OT
Banco Santander SA (Santander) is a Spain-based financial institution primarily engaged in the retail banking...
Table of Unusual NYSE Stock Moves From RealTick http://online.wsj.com/article/BT-CO-20120614-710797.html
Banco Santander, S.A. (ADR) (NYSE:SAN)http://www.google.com/finance?chdnp=0&chdd=0&chds=0&chdv=1&chvs=maximize...
That's only because you're paying for le whores that do not shave.
Colombian Gringo is long bush/pits.
When did Frenchwomen begin shaving and bathing?
Right after they rejected austerity, despite Merkel's insistence on being more like the Germans.
Are there non-whores in France? INCONCEIVABLE.
Hey - for the record I'm married to a French woman from Strausbourg. She has been in U.S. since 1993 (illegally). You wouldn't believe how the socialism is ingrained in every one of her thoughts. She insists that France will make it out of this crisis because of their technology.... he he he
The cuts will continue. It is only a matter of time before the US gets massively downgraded.
Buy Silver, Take your Freedom back!
It won't affect Treasury Rates, miraculously.
Well likely see NATO troops (led by US drones) invade Saline, MI first, in order to take out that terrorist cell called Egan Jones.
After all, it's for the children.
I can see it now.
"French Extremists bomb little known Egan-Jones rating agency." - CNBS
G-7 declares war on miscreants Moodys and S&P
I think you meant, "French patriots defend the honor of France by sabotaging the offices of an obscure capitalist terrorist organization spreading false lies and rumors that debt crisis' cannot be solved by additional debt".
The U.S. is next (again) soon. We've nearly burned the $2.1 Trillion Debt Ceiling increase from last summer's stand-off.
You have to read all the past ZH articles concerning Greece to fully appreciate what kind of torture the readers are into here. We go all out to appreciate every last drip. Then complain about posts that complain about complaining. As far as I can tell this is some kind of new literary phenomenon.
French intelligence agency have dechipered some of Osama Bin Laden documents, written in French. This 100% authentic document describes Egan Jones as being one of their terrorist cells charged with task of destabilization of France and their allies.
I have a greater expectation of an investigation of Fitch by some French regulator.
Francois no es Espana!
Egan Jones n'est pas chienne Fitch!
There getting ready for the big implosion, just you wait.
No one could have expected this. Im shocked. But but the Franch people get to retire at 50. Socialism is full bore, there should be dancing in the streets..... I dont understand.
French Fried!
Sacred blue!
FUCKING BULLISH FOR SURE!!!
Those dominoes are getting mighty big.
tumbles?
Tyler, when are the Moody's downgrades of Spanish banks to appear? (you said it would be today - is it after market close?)
Most likely
TD = Sean Egan
thanks. Curious: how do you know it's today at all? educated/experienced guess, what they always do following sovereign downgrade, or you've got confirmation/information?
well... you probably have some decent information flow when you have a lot of site traffic... by people with a lot of information to divulge... and then offer them a place to tell you about it... It's not like all the information received makes it to the front page.
Time to reinforce the Maginot Line.
Sort of like the Central Banks, from Canada to the Fed, bailing out corporations who hold no allegience to the people of the Nation-States that pay the burden of the debt?
The line between economics, central banking, and finance sure held up well, didn't it Lizzy?
And CNBC.com tells us "Stocks hold gains on Fed hopes".
I wonder how many times I've read "Fed hopes" as the reasoning for a rising stock market over the past four years.
Keep cuttin' them sovereign debt ratings, Mr. Egan Jones, and I'll keep watching the SandP go UP UP UP on the hopes of "The Fed".
Tacit admission from the MSM of a manipulated market dependent on free money from central planning.
Thank God, WE'RE SAVED!!!
Market really doesn't care about downgrades. In fact this is better than expected because a larger downgrade was actually priced into the ES.
I agree, no major surprise. But I think the Dexia catastrophe is not priced in. France as central state has a quite transparent balance sheet though, so nothing to worry about. It all depends on French growth prospects.
Proving once again, that given enough time, and exposure through ZH (the Drudge Report of international finance, politics, and their cultural evolution), an honest enterprise can overcome its obscurity and rise to top of the mind awareness.
-30-
ZH=Drudge Report?
If you want to draw an analogy, try Glenn Greenwald.
More like the Jack Anderson of financial reporting.
TD
If that was a EUR/USD 'tumble' then I lost it in the noise.
Bring on Sunday.
Petulant little upstarts. Looks like the SEC needs to send somebody in and break some kneecaps.
They might be enough to pull the SEC away from their daily porn-viewing.
Market still up despite all reality... run by full tunnel-vision testeterone battle mode - will not be taken down, will not admit defeat, will f-over every bear not matter how "right/realistic" they may be....
Ignore the man behind the curtian!
Meh, how bout downgrading Deutschland since they're going to wind up paying for all this excess?
I really do not think so this time ,because Mrs Merkel has virtually sided with the British and much more important the US. Geithners last comments were a hint. If Romney becomes president, this will become even more apparent.
Egan blew the rating for France. Should have rated it MERDE!, Outlook Flatulent
Wow! That cost the SPY $0.14 I guess the downgrade of major economic powers doesn't matter anymore.
\EJ/
_..~ //je\\~.._
hahah show off!
Egan Jones doesn't seem to understand how these ratings work. You are supposed to wait until after a default to downgrade for god's sake. The SEC should shut these clowns down, the sooner the beter. How are capital markets supposed to work efficiently if credit ratings agencies give an honest assessment of credit quality?
"Mon Dieu!"
Egan-Jones is on my "like" list (no, not on Farcebook).
The French banks are next! First the sovereign downgrades, then their " Store Front" Masters follow suit.
the french will re-invent the underground as they subvert the banksters' takeover of the bicyclette baguette
http://www.project-syndicate.org/commentary/the-end-of-the-world-as-we-k...
Hmmm.....
Interesting article on an interesting site. There are some great comedy pieces on there as well. Check out this one, and just try not to laugh too hard! I mean.....it MUST be comedy.......right?
http://www.project-syndicate.org/commentary/in-europe-we-distrust
Damn, had plans to retire in France... oh well...
soon BBB will be the new AAA..
I think the steady pace of all these downgrades has desensitized many to them. I rememmber when this would have been a big deal. With Reggie Middleton's coverage, reaction to downgrade announcements have become "what took you so long?"
Dow up almost 190 now - we're saved thank you EG and france! Hope someone is majorly disappointed by Bernack next week.
These financial terrorists must be stopped!
I went on my knees this week in front of my mother. I said no, i don't want to merry you. I just want you to buy gold and silver.
She did.
Mine: "we're to old to give a fuck about all of this crap"
I've convinced about a dozen people to invest in pm's. None of them in my own family....
who the fuck is Egan Jones? Laughable. Better prepared for an epic shortsqueeze in equities, if u ask me.
go do a few chores and i miss all the excitement, go egan balls jones!
B...ed and
B...reakfast
B...itchez.....
France is some dive sleep over joint now.
Now I will be able to afford the Citroën of my dreams!
Vintage DS Palais?
If buying French Socialist Shit Paper is BBB+....how would they rate keeping French 20 Franc gold coins in a safety deposit box....bizarre and risky behaviour with questionable investment relevance ? Monedas 1929 Comedy Jihad Tale Of Two Realities Tour
These rating agencies should diversify their business models into other risk assessment areas....so they will have something to do after the big bang financial implosion ! In the meantime they need to expand the downward scope of their ratings....FFF- (what the fuck) or ZZZ+ (asleep at the keyboard) or ???- (what are you thinking) ! Monedas 1929 Comedy Jihad Managing The Risk Of Unintended Humour Tour
dont wory thtas the new AAA. This will be a interesting week for the euro. Look how the greeks are hoarding canned goods....
http://govtslaves.info/election-apocalypse-greeks-hoard-canned-food/
Cult of Criminality downgrades USSA to FFF-
Zut Alors! Enforced retirement at the age of 60 thanks to the process call "Unemployment" - pity that the pension is not quite what it was - what happened, Mr Hollande ?