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La Tribune Reports S&P May Put France On ‘Negative’ Outlook Within Ten Days

Tyler Durden's picture


For our French speaking readers, this makes it all too clear: "Selon plusieurs sources contactées par La Tribune, l'agence de notation Standard & Poor's pourrait préparer la France à la perte de son "triple A"."

Google Translated La Tribune article:

In ten days, the triple A French risk of being "negative outlook"

New rumor market to offset the rate before the last bond auction OAT of the year this Thursday? Or preparation of minds to the inevitable? According to several sources, Standard & Poor's (S & P) may well announce "shortly" the placement of the AAA rating of France as "negative outlook". This is the first step before the lowering of the rating, the highest, enjoyed the Hexagon. "It could happen in a week or maybe ten days," said a diplomatic source, who adds that there are currently an intense reflection in this direction within the agency.

Threats from other agencies

Another source glide along this announcement should be made public on Friday, but for unknown reasons it was postponed. Ten days, S & P had "accidentally" announced the degradation of France. Soon after, she had confirmed the rating of the country and its "stable outlook". But for several weeks, the French notation is under pressure. The economic downturn makes it less credible because the objectives of reducing deficits displayed by Paris. In late October, Moody's warned that it gave three months to consider whether it should be placed on negative watch the French note.

To avoid a possible negative outlook does not result in a loss of the triple A, two possibilities. Either the economy is improving, which is unlikely in early 2012 according to OECD figures published Monday. Either the government is willing to engage in a third level of rigor, it has always hitherto excluded Valerie Précresse, Minister of the budget.

Borrowing capacity of the European small

For its part, Fitch highlighted the "risks" weighing on the French AAA he nevertheless reaffirmed. If France were to lose its triple A, the European Financial Stability Fund (EFSF) would then see its borrowing capacity significantly reduced. The "strike force" of the EFSF would be unable to respond to attacks against the markets of Italy and against Spain. "If the boss of the EFSF, Klaus Regling, announced Tuesday that the Eurogroup of leverage the fund will not reach 4 to 5, as expected, the European Central Bank remains the only credible option," concludes the source diplomatic, adding that the threat of degradation of France, "especially before the European Council on December 9 dudu, put massive pressure on Angela Merkel on the involvement of the ECB."


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Mon, 11/28/2011 - 18:08 | 1923037 Mr Lennon Hendrix
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Negative outlook, bitchez

Mon, 11/28/2011 - 18:13 | 1923052 Rainman
Rainman's picture

oui, oui..... USA blew off the negative talky talk too and look where it got them 

Mon, 11/28/2011 - 18:19 | 1923085 fonestar
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does this mean Sarkozy will be flying standby now?

Mon, 11/28/2011 - 18:23 | 1923092 Gubbmint Cheese
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Mon, 11/28/2011 - 18:33 | 1923135 CitizenPete
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Is that avatar Camembert or Brie?  The former I hope.

Mon, 11/28/2011 - 18:44 | 1923179 Fedophile
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I believe it's Gubbmint

Mon, 11/28/2011 - 18:52 | 1923218 camaro68ss
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Like new wwII french rifle, never been used, only droped once. lol

Mon, 11/28/2011 - 20:05 | 1923322 The Big Ching-aso
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"Sacre bleu this sucks Les Big Baguette!"

Mon, 11/28/2011 - 19:08 | 1923264 Everybodys All ...
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No but his gold will ...

Mon, 11/28/2011 - 18:48 | 1923202 InternetInfidel
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If today was any indication the market will rally on this news.

Mon, 11/28/2011 - 20:01 | 1923348 The Big Ching-aso
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Michelin in retaliation to downgrade S&P's cafeteria in Lower Manhattan to an unprecedented minus 3 Stars.

Mon, 11/28/2011 - 18:31 | 1923133 SHEEPFUKKER

It's like spinning the wheel of fortune and holding your breath every time the bankrupt comes around. You know eventually you will hit it but hoping just not yet. 

Mon, 11/28/2011 - 18:37 | 1923157 SHEEPFUKKER

French fried

Mon, 11/28/2011 - 19:45 | 1923365 The Big Ching-aso
The Big Ching-aso's picture



When you get past the hairy female armpits and excessive cheap male colognes the French are wonderful people. 

Mon, 11/28/2011 - 20:09 | 1923444 topcallingtroll
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There is a reason french men wear lots of cologne.

Mon, 11/28/2011 - 18:39 | 1923163 phungus_mungus
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We We Misure...

Not on my carpet you don't! 

Mon, 11/28/2011 - 19:59 | 1923385 The Big Ching-aso
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What do you call a French soldier in retreat?



Well trained.

Mon, 11/28/2011 - 21:23 | 1923680 GOSPLAN HERO
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It's beotchez, not bitchez, beotchez.

Have fun with Ebonics.


Mon, 11/28/2011 - 18:10 | 1923043 Fips_OnTheSpot
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Rating wars...

Mon, 11/28/2011 - 18:23 | 1923098 mynhair
mynhair's picture

What channel?

Mon, 11/28/2011 - 18:57 | 1923227 RmcAZ
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Part II, The Empire Strikes Back

Mon, 11/28/2011 - 18:11 | 1923044 hedgeless_horseman
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The "strike force" of the EFSF would be unable to respond to attacks against the markets of Italy and against Spain.

Oceania has always been at war with Eurasia.

Mon, 11/28/2011 - 18:14 | 1923060 a growing concern
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It's probably time to read 1984 again to see what the next step in the playbook is.

Mon, 11/28/2011 - 19:41 | 1923355 The Big Ching-aso
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"Room 101."

Mon, 11/28/2011 - 18:11 | 1923046 SilverIsKing
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Did I miss the ZH thread on Barney Fwank's decision not to seek re-election?

Mon, 11/28/2011 - 18:13 | 1923056 Mr Lennon Hendrix
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Who cares

Mon, 11/28/2011 - 18:17 | 1923078 SilverIsKing
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I like good news.

Mon, 11/28/2011 - 18:24 | 1923099 hedgeless_horseman
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I am pretty sure that Barney gets it in the end.

Mon, 11/28/2011 - 18:32 | 1923139 DionysusDevotee
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I see what you did there...

Mon, 11/28/2011 - 18:33 | 1923144 Joeman34
Joeman34's picture

Figured he was a chubby-bottom...

Tue, 11/29/2011 - 01:38 | 1924247 wee-weed up
wee-weed up's picture

Bwarney wants to spend more time with his "family" in the Rumper-Room.

Mon, 11/28/2011 - 18:32 | 1923100 mynhair
mynhair's picture

Moron Libs care.


Oh, look!  A moron Lib with a thumb!

Mon, 11/28/2011 - 18:11 | 1923047 surf0766
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How does this jive with Italy going belly up in ten days?

Mon, 11/28/2011 - 18:25 | 1923107 mynhair
mynhair's picture

No.  No.  No.

Eyetalia goes bottoms up.  Better that way.

Mon, 11/28/2011 - 21:22 | 1923672 New_Meat
New_Meat's picture

"Eyetalia goes bottoms up. "

And Bawney Fwank, today

don't cha' know.

- Ned

Mon, 11/28/2011 - 18:13 | 1923054 fonzanoon
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Negative outlook. Honestly the outlook is negative. Job well done.

Mon, 11/28/2011 - 20:11 | 1923450 topcallingtroll
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Now they tell us.

It all makes sense now.

Mon, 11/28/2011 - 18:13 | 1923055 Carlyle Groupie
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Global QE, equity index to da moon.

Mon, 11/28/2011 - 18:13 | 1923057 Marvin the Mind...
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Il est grand temps.


Mon, 11/28/2011 - 18:14 | 1923059 eric89074
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GRPN -9% on a big up day. That dog needs to be shot.

Mon, 11/28/2011 - 18:16 | 1923066 mynhair
mynhair's picture

Already priced in.

Except for the news.

Get ready to take a stand on gorilla paper - TBT or TMV.

Mon, 11/28/2011 - 18:24 | 1923103 fonzanoon
fonzanoon's picture

Ha I took a stand at 35. Another one at 25. Then I took another one around 18. The Irony is it will take 600 billion in MBS purchases to "lower mortgage rates" to send it up.

Mon, 11/28/2011 - 18:29 | 1923119 mynhair
mynhair's picture

Oooh, way early.  There is a strategy called 'trading'.

Mon, 11/28/2011 - 18:37 | 1923156 fonzanoon
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Thanks I bet you look good in your captain obvious costume. Shit happens. It's okay to laugh at it.

Mon, 11/28/2011 - 18:40 | 1923165 mynhair
mynhair's picture

The long bond will hit 2.79%, for a week or 2.  Ignore calls for 2.5%.  Be patient, or nimble, your choice.

Mon, 11/28/2011 - 18:41 | 1923167 fonzanoon
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I have done neither, unfortunately

Mon, 11/28/2011 - 18:44 | 1923173 mynhair
mynhair's picture

Been there, done that.  Back when TBT was 45.

Decay suks on these 2.  Toast in a month, just on decay.

Mon, 11/28/2011 - 18:15 | 1923068 max2205
max2205's picture

Buy the news!!!

Mon, 11/28/2011 - 18:15 | 1923070 lizzy36
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French bank assets as 4x french GDP.

This is going to end well.

Any decision on who is going to guarantee Dexia?

Mon, 11/28/2011 - 18:17 | 1923079 mynhair
mynhair's picture

Unanimous.  Your butt guarantees it.

Mon, 11/28/2011 - 18:21 | 1923089 Lord Welligton
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Apparently the Belgians are good for 60%+


Mon, 11/28/2011 - 18:33 | 1923145 falak pema
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according to the freeeeee frenchie fries, those are assets morbleu, not liabilities, so oui rrrrr proud to have banks with plentiiiii of ze assets, not like you americains full of shiiiiity kno wat I ze meen...

Mon, 11/28/2011 - 18:16 | 1923075 Ag1761
Ag1761's picture

Off topic but Chinese Donald Trump given the boot by Iceland. Is there no stopping the gale of those Icelandic bitchez.

'No precedent'

Mr Huang had wanted to turn the land - about 0.3% of Iceland's total land mass - into an eco-tourist resort and golf course.


Maybe France could sell the slums in and around Paris and turn them into golf courses for much needed foreign currency.


Mon, 11/28/2011 - 18:17 | 1923077 Lord Welligton
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For its part, Fitch highlighted the "risks" weighing on the French AAA he nevertheless reaffirmed.

It really doesn't matter what France has unless it has €500,000,000,000.

And woophs they don't have it.

Bunch of slimy toads.

Or should that be frogs?


A disgusting shower of maggots that want everyone else to bail out their banks.

Pure filth.

Mon, 11/28/2011 - 18:23 | 1923093 French Frog
French Frog's picture

Now now, no need to taint us all with the same brush ... we're not all related to sarkozy you know


Mon, 11/28/2011 - 18:34 | 1923125 Lord Welligton
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Apologies. I exclude you.

I do not exclude the disgusting slime that wants the rest of Europe to bail out slime French banks.

Mon, 11/28/2011 - 18:45 | 1923186 Teamtc321
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I don't think it is most people in most countries. It is the slime banking cartel all around with there puppet's and tele prompter's.   

Mon, 11/28/2011 - 20:16 | 1923471 topcallingtroll
topcallingtroll's picture

That is so true.

One thing I have learned hete is that the divide and conquer strategy of crony capitalists and oligarchs is highly effective.

Even we fall for it on occasion.

Mon, 11/28/2011 - 22:06 | 1923774 destiny
destiny's picture

yeah....thank God for that  hein ?....

Mon, 11/28/2011 - 18:18 | 1923084 mynhair
mynhair's picture

New road sign:

Beware Trolling Fwanks.

Mon, 11/28/2011 - 18:20 | 1923087 Alvaro de Esteban
Alvaro de Esteban's picture

Oh la la, quel injustice. Oú se trouve la grandeur?

Mon, 11/28/2011 - 18:29 | 1923129 falak pema
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la grandeur se trouve dans Carla tous les soirs...vive la France du beaujolais nouveau.

Mon, 11/28/2011 - 18:23 | 1923094 Gamma735
Gamma735's picture

Did the French surrender?

Mon, 11/28/2011 - 18:25 | 1923104 truont
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sacre bleu!

Mon, 11/28/2011 - 18:27 | 1923115 slewie the pi-rat
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pere noel, google translated, has the thought:  humbug!

Mon, 11/28/2011 - 18:27 | 1923116 tony bonn
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tant pis

Mon, 11/28/2011 - 18:35 | 1923152 mynhair
mynhair's picture

...tanks fer nothing, brb....ahhhh.

Mon, 11/28/2011 - 18:28 | 1923117 falak pema
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Sarkozy is on the MAginot Line to the last man...but Merkel refuses to join him on the Siegfried line...the question is do Maginot and Siegfried lines protect against the tsunami market washed in debt?

Mon, 11/28/2011 - 18:28 | 1923121 Marvin the Mind...
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In a related story, Carla Bruni seen shopping for clothes at JC Penney ... Sarko supping on box wine and Cheez Whiz.

Mon, 11/28/2011 - 18:30 | 1923131 Lord Welligton
Lord Welligton's picture

Cheez Whiz is too good for that slime.

Mon, 11/28/2011 - 18:29 | 1923126 lolmao500
lolmao500's picture

Bunch of fucking pussies. Downgrade already.

Mon, 11/28/2011 - 18:29 | 1923127 fonzanoon
fonzanoon's picture

3 asset managers in Greenwich CT won the powerball. They are taking manipulation to new levels

Mon, 11/28/2011 - 18:30 | 1923132 blu
blu's picture

"Negative outlook" can also be translated from the agency-ese to plain English and means "they'sa hard fucked now mon".

Hope that helps.

Mon, 11/28/2011 - 18:31 | 1923136 lolmao500
lolmao500's picture

Oh this is gonna be fun :

Eye witnesses claim 'unusual' movement of Israeli missiles

Multiple eyewitnesses reported seeing Israeli military trucks in recent days transport and station large missiles at the periphery of Jerusalem and in locations inside the West Bank.

The descriptions of the projectiles are consistent with the Jewish state’s mid-to-long range Jericho ballistic missiles.


Who's gonna get nuked? Iran's gonna get nuked!

Mon, 11/28/2011 - 18:47 | 1923196 mynhair
mynhair's picture

Nuke Bloomfukistan, where it will do some good!


(NYC to you furringers)

Mon, 11/28/2011 - 18:49 | 1923209 Teamtc321
Teamtc321's picture

I hope the fuck no one get's nuked. It is time this bullshit stop's world wide. Debt bomb, nukes, good grief.  

Mon, 11/28/2011 - 19:09 | 1923266 Iwanttoknow
Iwanttoknow's picture

Bring it on.

Mon, 11/28/2011 - 18:32 | 1923138 jcaz
jcaz's picture

No worries- Obama is gonna write them a big fat check, cause he unnerstands hi-finance, y'all-

Hail, Frenchie- don't even bother to put up any collateral- yur word is gud enuf for the US.

Mon, 11/28/2011 - 18:48 | 1923199 mynhair
mynhair's picture

Returned:  NSF.

Mon, 11/28/2011 - 18:32 | 1923140 Ol Man
Ol Man's picture

"If the boss of the EFSF, Klaus Regling, announced Tuesday that the Eurogroup of leverage the fund will not reach 4 to 5, as expected, the European Central Bank remains the only credible option," concludes the source diplomatic, adding that the threat of degradation of France, "especially before the European Council on December 9 dudu, put massive pressure on Angela Merkel on the involvement of the ECB."

The ECB retains credibility only so long as they are NOT an option.  Once they become an option, their credibility goes the way of Greece, Italy, Spain...etc..

Dumb frogs...

Mon, 11/28/2011 - 18:32 | 1923142 dada1
dada1's picture

Plus ca change plus c'est la meme chose!

Mon, 11/28/2011 - 18:33 | 1923147 dada1
dada1's picture

Plus ca change plus c'est la meme chose!

Mon, 11/28/2011 - 18:34 | 1923148 Mark123
Mark123's picture

Oooooo....negative outlook.  You ratings do not scare us M. S&P!  We are French!

Mon, 11/28/2011 - 18:35 | 1923154 French Frog
French Frog's picture

French rating misfortune definitely brings out the best 'bon mots' (witty replies) from people in here ... i'm so glad i immigrated to the UK 25 years ago where I will enjoy a AAA rating for longer, won't I ???

Mon, 11/28/2011 - 18:43 | 1923175 Mark123
Mark123's picture

I hope you still vacation in France!

Mon, 11/28/2011 - 18:48 | 1923201 Sudden Debt
Sudden Debt's picture

You left France to go.... To the UK.....
What made you do it? The crappy food? The bad beer? The ugly woman? What attracked you in the UK?

Mon, 11/28/2011 - 18:52 | 1923215 mynhair
mynhair's picture

SD, I call BS!  What can you possibly have against bangers & chips?

Flemish fuk.



Tue, 11/29/2011 - 05:28 | 1924466 French Frog
French Frog's picture

I was attracted by a whole list of mis/pre-conceptions: you forgot the daily London fog and non-stop rain...

If you had a streak of rebellion in you, the UK was the place to be in Europe in the early 80s (Stop The City, Greenham Common, Murdoch, Thatcher....)

Mon, 11/28/2011 - 18:53 | 1923220 Lord Welligton
Lord Welligton's picture

You don't need to worry about AAA.

The UK won't be paying Greek and Italian debt.

France will.

Mon, 11/28/2011 - 18:43 | 1923174 Johnny Yuma
Johnny Yuma's picture

Merde! C'est fou!!!

Mon, 11/28/2011 - 18:45 | 1923190 Sudden Debt
Sudden Debt's picture

You want some wine with that?

Mon, 11/28/2011 - 18:45 | 1923184 Sudden Debt
Sudden Debt's picture

You don't need A's in your life!
I know guys who didn't even finish school and got to be millionaires in their 30's!

So fuck A's!

Mon, 11/28/2011 - 18:55 | 1923221 mynhair
mynhair's picture

You privy to 0's Columbia transcript?  Share!

Mon, 11/28/2011 - 18:45 | 1923185 FranSix
FranSix's picture

Hm.  Didn't see anybody with any french names that translate into Cheat, Drown, Fraud or Lothario mentioned.

You sure the rating weren't written by somebody named Monsieur Autos Da Fe?

Mon, 11/28/2011 - 18:56 | 1923226 mynhair
mynhair's picture

Christine translates badly?  Sue Google.

Mon, 11/28/2011 - 18:47 | 1923198 azusgm
azusgm's picture

Okay, where to we bomb next?

I mean, where to we take democracy to the masses?

Seriously Barry, just put an invoice for the next incursion in a pdf and post the sucker so we don't have to put up with the drama on the MSM. We know we are getting the bill so at least give us an itemized statement.

Mon, 11/28/2011 - 18:57 | 1923230 mynhair
mynhair's picture

Bloomfukistan, duh.

Mon, 11/28/2011 - 18:49 | 1923208 The 100 Trillio...
The 100 Trillion Dollar Man's picture

What to do upon being threatened with a downgrade:

You will need: a Tricolore, some scissors and a pole

  1. Cut off the red bit of the flag
  2. Cut off the blue bit of the flag
  3. Attach the remaining piece to the pole
  4. Wave vigorously
Mon, 11/28/2011 - 18:55 | 1923224 Lord Welligton
Lord Welligton's picture

The French don't surrender.

They change sides.

Just like the Italians.

Mon, 11/28/2011 - 18:57 | 1923229 azzhatter
azzhatter's picture

When asked to comment Nicky Sarkozy said "Netanyahu is a liar"

Mon, 11/28/2011 - 19:01 | 1923236 mynhair
mynhair's picture

The French need to learn how to speak.  Was so sick of the spittle when was there.

All over the bread.....

Bwaney Fwank must be Fwench.

Mon, 11/28/2011 - 19:05 | 1923252 Yellowhoard
Mon, 11/28/2011 - 19:10 | 1923267 razorthin
razorthin's picture

Je pète dans votre direction générale!

Mon, 11/28/2011 - 19:11 | 1923274 Dr. Engali
Dr. Engali's picture

Just think. We are just getting started. Japan has been dealing with this hell for 20+ years.

Mon, 11/28/2011 - 19:14 | 1923282 Schmuck Raker
Schmuck Raker's picture

Wow. Like it wasn't bad enough when we opened a McDonald's over there, now this! How degrading...

Mon, 11/28/2011 - 19:14 | 1923283 Coldfire
Coldfire's picture

Time Magazine is for those who can't think. CNN is for those who can't read. And CRA letter ratings are for those who can't count. In their present state France's public finances are doomed by any standard, AAA or not. But it's nothing that a stealth default through ECB printing won't solve. Imprimer!

Mon, 11/28/2011 - 19:16 | 1923294 Georgesblog
Georgesblog's picture

The good news is that there are fewer "other shoes" hanging in the air. The bad news is that there are still, other shoes hanging in the air. December is going to be a wild month.

Mon, 11/28/2011 - 19:43 | 1923361 Yen Cross
Yen Cross's picture

 Jimmy Cramer must listen to Tyler...   After how many posts, ( by Tyler) is the " Garden Knome" , Jimmy Cramer, devoting his show to credit spreads in Europe and risk in general?  Some one give that boy a dose of " HGH "! Human Growth Hormones.

Mon, 11/28/2011 - 20:13 | 1923457 slewie the pi-rat
slewie the pi-rat's picture

garden knome on roids

keep thoses sleeves rolled up, garden knome!

if he starts talking about the context model, he's really busted!

Mon, 11/28/2011 - 20:17 | 1923472 Yen Cross
Yen Cross's picture

 Slewie you da BEST!   Hope you enjoyed the short time off.

Mon, 11/28/2011 - 20:49 | 1923498 slewie the pi-rat
slewie the pi-rat's picture

do you think cramer is a fringe blog fan, Y/C?

Mon, 11/28/2011 - 22:00 | 1923767 destiny
destiny's picture

Thanks TYLER, they have been running that on the news NON STOP for the last couple of days....that means that the sheeple is now getting a glimpse on the situation.   Some of us who have been following events on ZH since the start have since reconverted in BUSHCRAFTING activities !   With what's coming ahead, it might come handy to learn how to fish and hunt...

Mon, 11/28/2011 - 23:12 | 1923926 LeZinc
LeZinc's picture

I was talking to a friend living in France just 2 days ago. He told me he was shocked when the teller at the bank asked him for a whole bunch of papers just to withdraw from his savings account. Among the papers asked, his taxes receipt, and that, just panicked him enough to not only withdraw *all* the money he had there. While at it and the bank employes working on that, he called his whole family. "I didn't have to say much to convince them to take out their money, just the fact that the teller asked me for my taxes papers among others".

FYI, usually, you only need to show you bank card to access your funds...

Bank run anyone? My friend's family did proceed to their own little one, I wonder how many other people reacted likewise.

Tue, 11/29/2011 - 05:46 | 1924552 lemarche
lemarche's picture

"Ouh la la, poutain de merd ! " LoL


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