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.

Comment viewing options

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

So we can expect the big 3 (excluding French Fitch of course) to follow suit within 3-6 months.

Pladizow's picture

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

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!

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

knukles's picture

ProvAAnce becomes ProBBBance?

SilverTree's picture

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

SilverTree's picture



Banco Santander SA (Santander) is a Spain-based financial institution primarily engaged in the retail banking...


Table of Unusual NYSE Stock Moves From RealTick



Banco Santander, S.A. (ADR) (NYSE:SAN)

SeverinSlade's picture

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

Colombian Gringo is long bush/pits.

knukles's picture

When did Frenchwomen begin shaving and bathing?

CommunityStandard's picture

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

ronaldawg's picture

Are there non-whores in France?  INCONCEIVABLE.

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

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!

hedgeless_horseman's picture



It won't affect Treasury Rates, miraculously.

NotApplicable's picture

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.

SeverinSlade's picture

I can see it now.

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

knukles's picture

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

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".

SokPOTUS's picture

The U.S. is next (again) soon.  We've nearly burned the $2.1 Trillion Debt Ceiling increase from last summer's stand-off.

q99x2's picture

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.

Poetic injustice's picture

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.

icanhasbailout's picture

I have a greater expectation of an investigation of Fitch by some French regulator.

Benjamin Glutton's picture

Egan Jones n'est pas chienne Fitch!

Buck Johnson's picture

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

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.

Fidel Sarcastro's picture


Cognitive Dissonance's picture

Those dominoes are getting mighty big.

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?)

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?

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.

lizzy36's picture

Time to reinforce the Maginot Line.

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?

Tsar Pointless's picture

And 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".

Commander Cody's picture

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

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. 

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.

MarsInScorpio's picture

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.


Tinky's picture

ZH=Drudge Report?

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

TruthInSunshine's picture

More like the Jack Anderson of financial reporting.

Byte Me's picture


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

Bring on Sunday.

Dr. Engali's picture

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

CommunityStandard's picture

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