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信用格付け会社のMoodyは、スペインの国債の格付けを容認最低?Baa3(BBB-)に下げた、スペイン国債の10年金利は6'88%に
La prima y el bono se instalan en máximos tras la rebaja de Moody’s
El riesgo país se sitúa sobre los 540 puntos y el interés de la deuda a 10 años, en el 6,88%
La agencia degrada la nota de la deuda en tres escalones hasta Baa3
Justifica el cambio por el aumento de la deuda que supondrá el rescate a la banca
The premium and bonus are installed on top after the Moody's downgrade
Country risk is over the 540 points and the interest on the debt to 10 years in the 6.88%
Degrades agency debt rating three notches to Baa3
Justifies the change by increasing the debt that will rescue the banking
See the note issued by Moody's (in English)
Cristina Delgado Madrid 14 JUN 2012 - 10:13 CET
Country risk is over the 540 points and the interest on the debt to 10 years in the 6.88%
Degrades agency debt rating three notches to Baa3
Justifies the change by increasing the debt that will rescue the banking
See the note issued by Moody's (in English)
Cristina Delgado Madrid 14 JUN 2012 - 10:13 CET
The agency risk rating Moody's has left the note credit of Spain to the brink of junk status after lowering it in three steps from A3 (remarkably low) to Baa3 (approved under) by increasing the debt will plan bailout banking. The news has had an initial negative impact on markets where the risk premium Spanish has opened in the 542 basis points, compared to the 529 with which closed yesterday and the interest of Spanish bond to ten years has seen increased interest to 6.89%, its highest euro era. The Dow has also opened with slight declines but soon recovered from the shock and struggling to consolidate the gains. The bad news is bound to Europe's reaction to crisis management by the Government, which has generated a deep malaise.
The company justified its decision in a statement explaining that the rescue of Spanish banks, which have an EU aid of 100,000 million euros, will raise the level of indebtedness of the country. It also points out, Spain has difficulty in accessing the capital markets. The agency also warns that this debt placed under review and possible further downgrading.
The agency continues with this decision in the wake of Fitch, who also played three steps to the Spanish debt last week and his co-sector S & P also lowered the solvency of Spanish banks in May.
more informationSpain asks for a ransom of up to 100,000 million for the dealer
In the case of Moody's, the company justified its decision by three key reasons, similar to what Fitch said last week. The first relates to the banking bailout was decided on Saturday after a meeting of the Eurogroup and by Spain to receive aid for the financial system of 100,000 million euros. This fact, Moody's believes will increase the level of debt of Spain, which has grown "dramatically" since the crisis began.
Second, the agency emphasizes that Spain's ability to access markets is very limited and third, as did Fitch, remember that the weakness of the Spanish economy in general is an added vulnerability and threatens to increase even more credit drought. The agency also cut three steps, and leaves the doors of the junk bond also, the qualification of the rescue fund FROB.
Another possible revision
The agency subordinated to possible review the results of the external evaluation commissioned by the Spanish Government to four auditors to determine the deterioration of the Spanish financial system. It also indicates that a reduction will be important for conditions and details of the bailout offered by the European Union.
The conditions of the interest rate and repayment term that imposes the Eurozone will be very important for the evolution of the rating agency. Moody's also notes that will take into account future developments in the euro area and, above all, a way out of Greece in the Eurozone, which could punish Spain's solvency.
In case anyone had doubts about the responsibility of the 100,000 million loaned, Moody's says: "While the details of the aid package have not yet been announced, it is clear that the responsibility of supporting the Spanish banks rests with the Spanish Government" .
"In the absence of positive developments that serve to bolster investor confidence, such as a resumption of growth or rapid progress in meeting the objectives of fiscal consolidation, none of which is likely in the current environment," says Moody's, "it is likely that the government" found it increasingly difficult to refinance debt maturities, says. If that ever happens, the agency predicts, would require the support from the European bailout fund were to be increased.
The company justified its decision in a statement explaining that the rescue of Spanish banks, which have an EU aid of 100,000 million euros, will raise the level of indebtedness of the country. It also points out, Spain has difficulty in accessing the capital markets. The agency also warns that this debt placed under review and possible further downgrading.
The agency continues with this decision in the wake of Fitch, who also played three steps to the Spanish debt last week and his co-sector S & P also lowered the solvency of Spanish banks in May.
more informationSpain asks for a ransom of up to 100,000 million for the dealer
In the case of Moody's, the company justified its decision by three key reasons, similar to what Fitch said last week. The first relates to the banking bailout was decided on Saturday after a meeting of the Eurogroup and by Spain to receive aid for the financial system of 100,000 million euros. This fact, Moody's believes will increase the level of debt of Spain, which has grown "dramatically" since the crisis began.
Second, the agency emphasizes that Spain's ability to access markets is very limited and third, as did Fitch, remember that the weakness of the Spanish economy in general is an added vulnerability and threatens to increase even more credit drought. The agency also cut three steps, and leaves the doors of the junk bond also, the qualification of the rescue fund FROB.
Another possible revision
The agency subordinated to possible review the results of the external evaluation commissioned by the Spanish Government to four auditors to determine the deterioration of the Spanish financial system. It also indicates that a reduction will be important for conditions and details of the bailout offered by the European Union.
The conditions of the interest rate and repayment term that imposes the Eurozone will be very important for the evolution of the rating agency. Moody's also notes that will take into account future developments in the euro area and, above all, a way out of Greece in the Eurozone, which could punish Spain's solvency.
In case anyone had doubts about the responsibility of the 100,000 million loaned, Moody's says: "While the details of the aid package have not yet been announced, it is clear that the responsibility of supporting the Spanish banks rests with the Spanish Government" .
"In the absence of positive developments that serve to bolster investor confidence, such as a resumption of growth or rapid progress in meeting the objectives of fiscal consolidation, none of which is likely in the current environment," says Moody's, "it is likely that the government" found it increasingly difficult to refinance debt maturities, says. If that ever happens, the agency predicts, would require the support from the European bailout fund were to be increased.
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