カナダの各付け機関のDBRSは、スペインの国債各付けをA+からAーに格下げ
La agencia canadiense DBRS rebaja la nota a España dos escalones
La calificación de pasa del A alto hasta el A bajo
La pérdida de la A para España supondría rebasar el nivel del BCE a la deuda soberana
Si se traspasa esa frontera, el BCE cobraría un 5% a los bancos por usar bonos españoles para obtener liquidez
Reuters / Agencias Nueva York8 AGO 2012 - 19:32 CET
The Canadian agency DBRS lowers the note to Spain two steps
The rating goes from A to high A low
A loss to Spain would exceed the level of the ECB to sovereign debt
If it crosses that border, the ECB would charge a 5% use banks for Spanish bonds for liquidity
Reuters / New York Agencies 8 AGO 2012 - 19:32 CET
The rating goes from A to high A low
A loss to Spain would exceed the level of the ECB to sovereign debt
If it crosses that border, the ECB would charge a 5% use banks for Spanish bonds for liquidity
Reuters / New York Agencies 8 AGO 2012 - 19:32 CET
The rating agency DBRS downgraded Canadian note Wednesday Spain two steps, from A to A under high negative outlook. The loss level A by Spain would have meant that the ECB would charge banks an additional penalty of 5% when utilizasen Spanish bonds as collateral for liquidity. This decision, which concludes the rating review process started last May 22, shows that there has been a "serious deterioration" in the credit profile of Spain.
DBRS lists five factors that have led to the downgrade. First, consider that the prospects for economic growth in Spain have worsened because of the continuing deleveraging of the private sector have intensified fiscal adjustment measures. It notes that public debt dynamics have deteriorated by the capital needs of the Spanish banking sector, which could increase the gross debt ratio to 97.5% of GDP in 2015 if used 100,000 million euros made available to Spain its European partners to recapitalize the banking sector.
DBRS believes that the prospects for economic growth in Spain have been worsened by private deleveraging and fiscal measures
Third, DBRS also aims to reduce fiscal imbalances is increasingly difficult due to the weak economic environment and, fourth, emphasizes that funding conditions in Spain are increasing downside risks to economic prospects and stabilizing debt. Finally, he adds that there are doubts about the effectiveness of the policy response at European level, contributing to uncertainty entity investors.
Cut to Italy and Ireland respite
The Canadian agency has also solved the review of long-term solvency of Italy with a rebate, which this time has been a step, from A to high A. Also assigned negative trend rating. DBRS justified its decision on the deteriorating outlook for growth in Italy and their impact on government's ability to achieve its ambitious deficit targets and wing political uncertainty in the medium term about the implementation of fiscal consolidation and structural reforms.
In this line, it also adds that persistent tensions in financing conditions and increased systemic risks are increasing downward risks in the economic outlook and the estabiización debt and lingering doubts about the timing and level policy response at European level.
DBRS has confirmed, on the other hand, the low rating on Ireland by the signs of stabilization of the Irish economy, progress in reducing fiscal imbalances and the recovery of lost competitiveness, as evidenced by two consecutive years of current account surplus. However, the negative trend placed in the intensification of the risks at European level.
DBRS lists five factors that have led to the downgrade. First, consider that the prospects for economic growth in Spain have worsened because of the continuing deleveraging of the private sector have intensified fiscal adjustment measures. It notes that public debt dynamics have deteriorated by the capital needs of the Spanish banking sector, which could increase the gross debt ratio to 97.5% of GDP in 2015 if used 100,000 million euros made available to Spain its European partners to recapitalize the banking sector.
DBRS believes that the prospects for economic growth in Spain have been worsened by private deleveraging and fiscal measures
Third, DBRS also aims to reduce fiscal imbalances is increasingly difficult due to the weak economic environment and, fourth, emphasizes that funding conditions in Spain are increasing downside risks to economic prospects and stabilizing debt. Finally, he adds that there are doubts about the effectiveness of the policy response at European level, contributing to uncertainty entity investors.
Cut to Italy and Ireland respite
The Canadian agency has also solved the review of long-term solvency of Italy with a rebate, which this time has been a step, from A to high A. Also assigned negative trend rating. DBRS justified its decision on the deteriorating outlook for growth in Italy and their impact on government's ability to achieve its ambitious deficit targets and wing political uncertainty in the medium term about the implementation of fiscal consolidation and structural reforms.
In this line, it also adds that persistent tensions in financing conditions and increased systemic risks are increasing downward risks in the economic outlook and the estabiización debt and lingering doubts about the timing and level policy response at European level.
DBRS has confirmed, on the other hand, the low rating on Ireland by the signs of stabilization of the Irish economy, progress in reducing fiscal imbalances and the recovery of lost competitiveness, as evidenced by two consecutive years of current account surplus. However, the negative trend placed in the intensification of the risks at European level.
カナダの政府機関DBRSスペインつのステップにメモを低下させる
評価からハイ、ローに行く
スペインへの損失は、ソブリン債にECBのレベルを超えてしまう
それがその国境を越える場合は、ECBが流動性のためのスペイン債の5％を使用するバンクを充電したい
ロイター/ニューヨーク·エージェンシー2012 AGO8 - 19：32 CET
DBRSは、ダウングレードにつながっている5つの要因を示しています。最初に、財政調整策を強化してきた民間企業の継続的なレバレッジ解消のためにスペインの経済成長の見通しは悪化していることを考慮してください。その公的債務のダイナミクスは、100,000百万ユーロを使用した場合、2015年にはGDPの97.5％に総負債比率を高めることができるスペインの銀行部門の資本のニーズによって悪化して利用できるようにノートスペインは欧州のパートナーは、銀行部門の資本増強する。
DBRSは、スペインの経済成長の見通しは、民間レバレッジと財政措置によって悪化していると信じている
第三に、DBRSはまた、財政不均衡を削減することを目指してために弱い経済環境にますます困難であり、第四に、スペインの資金調達条件は経済見通しに下振れリスクを増加させ、安定していることを強調している借金。最後に、彼は不確実性エンティティの投資に貢献し、欧州レベルでの政策対応の効果について疑問があることが追加されます。
イタリアとアイルランドの休息にカット
カナダの機関はまた、高Aにから、この時間は、ステップされているリベート、イタリアでの長期的な支払能力の見直しを解決しましたまた、負のトレンド評価を割り当てました。 DBRSは、イタリアの成長のための悪化見通しで、その決定とその野心的な赤字目標を達成するための政府の能力に与える影響と財政再建の実装に関する中期的には翼の政治的不確実性と正当性を構造改革。
この行では、それはまた、融資条件や増加したシステミック·リスクの永続的な緊張が経済見通しとestabiización債務タイミングおよびレベルについての長引く疑いで下向きのリスクを増加していると付け加え欧州レベルでの政策対応。
経常収支の黒字2年連続で明らかなようにDBRSは、アイルランド経済の安定、財政不均衡を減らすのに進歩し、失われた競争力の回復の兆しにより、他の一方で、アイルランドの低評価を確認しています。しかし、否定的な傾向は、欧州レベルでのリスクの増大に配置されています。
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