Egan Jones Cuts France To BBB+, Outlook Negative

Tyler Durden's picture




 

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.

Summary text:

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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Thu, 06/14/2012 - 14:39 | 2526601 SeverinSlade
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So we can expect the big 3 (excluding French Fitch of course) to follow suit within 3-6 months.

Thu, 06/14/2012 - 14:44 | 2526627 Pladizow
Pladizow's picture

What's up with the Chinese water torture, just get to it and give them the D- rating they ALL deserve!

Thu, 06/14/2012 - 14:50 | 2526662 Colombian Gringo
Colombian Gringo's picture

I agree. Once the french go to the franc and devalue, my favorite  paris whores will cost less. Oooo La La!

Thu, 06/14/2012 - 14:55 | 2526671 Ahmeexnal
Ahmeexnal's picture

But...but...they just elected a socialist!

Wasn't Jesus Christ Hollande going to save france???

remember, remember, the fifth of november

Thu, 06/14/2012 - 14:58 | 2526690 knukles
knukles's picture

ProvAAnce becomes ProBBBance?

Thu, 06/14/2012 - 14:59 | 2526697 SilverTree
SilverTree's picture

I see London, I see France. I see Tyler's underpants.

Thu, 06/14/2012 - 15:08 | 2526703 hedgeless_horseman
hedgeless_horseman's picture

 

 

Tres BBBien Plus!

Thu, 06/14/2012 - 15:14 | 2526738 SilverTree
SilverTree's picture

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...

Thu, 06/14/2012 - 14:54 | 2526675 SeverinSlade
SeverinSlade's picture

That's only because you're paying for le whores that do not shave. 

Colombian Gringo is long bush/pits.

Thu, 06/14/2012 - 15:02 | 2526706 knukles
knukles's picture

When did Frenchwomen begin shaving and bathing?

Thu, 06/14/2012 - 15:05 | 2526715 CommunityStandard
CommunityStandard's picture

Right after they rejected austerity, despite Merkel's insistence on being more like the Germans.

Thu, 06/14/2012 - 15:39 | 2526922 ronaldawg
ronaldawg's picture

Are there non-whores in France?  INCONCEIVABLE.

Thu, 06/14/2012 - 16:45 | 2527186 ronaldawg
ronaldawg's picture

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

Thu, 06/14/2012 - 15:44 | 2526951 Silver Bug
Silver Bug's picture

The cuts will continue. It is only a matter of time before the US gets massively downgraded.

 

Buy Silver, Take your Freedom back!

Thu, 06/14/2012 - 15:52 | 2526985 hedgeless_horseman
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It won't affect Treasury Rates, miraculously.

Thu, 06/14/2012 - 14:53 | 2526670 NotApplicable
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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.

Thu, 06/14/2012 - 14:55 | 2526678 SeverinSlade
SeverinSlade's picture

I can see it now.

"French Extremists bomb little known Egan-Jones rating agency." - CNBS

Thu, 06/14/2012 - 15:00 | 2526699 knukles
knukles's picture

G-7 declares war on miscreants Moodys and S&P

Thu, 06/14/2012 - 15:03 | 2526709 Faceberg
Faceberg's picture

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".

Thu, 06/14/2012 - 16:13 | 2527076 SokPOTUS
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The U.S. is next (again) soon.  We've nearly burned the $2.1 Trillion Debt Ceiling increase from last summer's stand-off.

Thu, 06/14/2012 - 16:13 | 2527077 q99x2
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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.

Thu, 06/14/2012 - 14:55 | 2526681 Poetic injustice
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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.

Thu, 06/14/2012 - 15:06 | 2526720 icanhasbailout
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I have a greater expectation of an investigation of Fitch by some French regulator.

Thu, 06/14/2012 - 15:28 | 2526863 FL_Conservative
FL_Conservative's picture

Francois no es Espana!

Thu, 06/14/2012 - 15:40 | 2526925 Benjamin Glutton
Benjamin Glutton's picture

Egan Jones n'est pas chienne Fitch!

Thu, 06/14/2012 - 21:50 | 2527967 Buck Johnson
Buck Johnson's picture

There getting ready for the big implosion, just you wait.

Thu, 06/14/2012 - 14:43 | 2526602 camaro68ss
camaro68ss's picture

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.

Thu, 06/14/2012 - 14:39 | 2526605 TahoeBilly2012
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French Fried!

Thu, 06/14/2012 - 15:08 | 2526727 Arthor Bearing
Arthor Bearing's picture

Sacred blue!

Thu, 06/14/2012 - 14:40 | 2526612 Fidel Sarcastro
Fidel Sarcastro's picture

FUCKING BULLISH FOR SURE!!!

Thu, 06/14/2012 - 14:40 | 2526614 Cognitive Dissonance
Cognitive Dissonance's picture

Those dominoes are getting mighty big.

Thu, 06/14/2012 - 14:41 | 2526619 VonManstein
VonManstein's picture

tumbles?

Thu, 06/14/2012 - 14:41 | 2526620 BlandJoe24
BlandJoe24's picture

Tyler, when are the Moody's downgrades of Spanish banks to appear?  (you said it would be today - is it after market close?)

Thu, 06/14/2012 - 14:43 | 2526626 Tyler Durden
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Most likely

Thu, 06/14/2012 - 14:48 | 2526649 SeverinSlade
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TD = Sean Egan

Thu, 06/14/2012 - 14:57 | 2526651 BlandJoe24
BlandJoe24's picture

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?

Thu, 06/14/2012 - 15:03 | 2526710 MachoMan
MachoMan's picture

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.

Thu, 06/14/2012 - 14:41 | 2526622 lizzy36
lizzy36's picture

Time to reinforce the Maginot Line.

Thu, 06/14/2012 - 14:47 | 2526644 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

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?

Thu, 06/14/2012 - 14:42 | 2526624 Tsar Pointless
Tsar Pointless's picture

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".

Thu, 06/14/2012 - 14:50 | 2526663 Commander Cody
Commander Cody's picture

Tacit admission from the MSM of a manipulated market dependent on free money from central planning.

Thu, 06/14/2012 - 14:54 | 2526677 NotApplicable
NotApplicable's picture

Thank God, WE'RE SAVED!!!

Thu, 06/14/2012 - 14:43 | 2526631 larry david
larry david's picture

Market really doesn't care about downgrades.  In fact this is better than expected because a larger downgrade was actually priced into the ES. 

Thu, 06/14/2012 - 14:52 | 2526667 Cangoroo
Cangoroo's picture

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.

Thu, 06/14/2012 - 14:46 | 2526634 MarsInScorpio
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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-

Thu, 06/14/2012 - 14:47 | 2526648 Tinky
Tinky's picture

ZH=Drudge Report?

If you want to draw an analogy, try Glenn Greenwald.

Thu, 06/14/2012 - 15:00 | 2526700 TruthInSunshine
TruthInSunshine's picture

More like the Jack Anderson of financial reporting.

Thu, 06/14/2012 - 14:45 | 2526639 Byte Me
Byte Me's picture

TD

If that was a EUR/USD 'tumble' then I lost it in the noise.

Bring on Sunday.

Thu, 06/14/2012 - 14:45 | 2526641 Dr. Engali
Dr. Engali's picture

Petulant little upstarts. Looks like the SEC needs to send somebody in and break some kneecaps.

Thu, 06/14/2012 - 14:55 | 2526680 CommunityStandard
CommunityStandard's picture

They might be enough to pull the SEC away from their daily porn-viewing.

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