信用危険格付け会社ムーディーズは、スペインの国債をBaa3のゴミ国債の一つ上に置く
Moody’s mantiene a España por encima del ‘bono basura’
La firma de calificación de riesgo no degrada la solvencia de la deuda soberana
La deja justo encima del nivel especulativo, en Baa3
El País Madrid 16 OCT 2012 - 23:28 CET
Moody's keeps Spain above 'junk'
The credit rating firm does not degrade the creditworthiness of sovereign debt
The leaves just above the speculative level, on Baa3
The Country Madrid 16 OCT 2012 - 23:28 CET
The rating agency Moody's Risk offers a vote of confidence in Spain. He has decided to keep the note of Spain's debt at Baa3, above the junk level. The firm offers a little oxygen to sovereign bonds. The firm had said that before end of September would conduct a review of the note. Finally, he decided to delay a decision now announced in a statement.
Moody's confirms today the note and said that the announcement of the possible intervention of the ECB to buy government debt reduces price volatility and increases the possibility that Spain could be financed in the markets. The agency also believes that "it is probable" that Spain calls the rescue through the European Stability Mechanism (ESM). Moody `s praises" the Spanish government's continued commitment to implement the measures of fiscal and structural reforms that are needed to stabilize the debt. " It also refers to the discipline imposed on the Autonomous Communities. In one paragraph mentions that "the Spanish government will succeed in gradually reducing the budget deficit" and the brake to increased debt burden. Third, states positively "continued progress toward the Spanish banking sector restructuring and improving the solvency of the banks concerned, which should help restore market confidence in Spain's banking system as a whole."
Less than a week was Standard & Poor's who downgraded the rating to Spain, but also in the case decided to keep it above the level considered speculative. This Tuesday, and also downgraded 11 banks as a result of sovereign degradation.
Spain remained afloat and the eyes of all large firms that advise investors about the risks. Fitch decided in June to reduce the solvency of Spain three notches, to BBB, which means it is still two notches above junk bonds. Standard & Poor's (S & P) said bonds BBB-, still in the block of the approved, although the edge of suspense.
Moody's left in June Spain's rating to the brink of junk status. He played down three steps at once, from A3 (notable lowest) to Baa3 (approved under) by increasing public debt would rescue plan to the bank. In addition, he noted then, Spain has difficulty in accessing the capital markets. The agency said at the time that the Spanish debt placed "under review" for possible additional requalification, which finally has made effective today.
Far from Greece near Ireland
Note that agencies give Spain but is dangerously close to junk status, is still far from giving it to Greece. To Greek Firms give grades in the C block, ie, within the speculative level. Portugal is also considered junk, but of the highest quality (S & P puts a BB, a BB + Fitch and Moody's, a Ba3). Meanwhile, Ireland has rated more similar to Spain, as both Fitch and S & P gives the approved increased their bonds than the Spanish (BBB + in both cases) but Moody's gives a step less than Spain, Ba1 , what fits and between junk bonds.
Gone are the notes of solvency which boasts Germany. In all cases received an honors degree, and also in the case of S & P and Fitch with "stable" outlook. France, meanwhile, is among the outstanding and honors for all agencies.
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