リスク評価機関のスタンダード·アンド·プアーズ（S＆P）は、スペイン国債の格付けをBBBーに引き下げることを決めた
Standard & Poor’s deja la deuda de España al borde del ‘bono basura’
La agencia de calificación de riesgos degrada dos escalones la deuda soberana, hasta BBB-
"Los riesgos son cada vez mayores en las finanzas públicas de España", señala
Advierte de las crecientes tensiones "económicas y políticas"
Dice que las previsiones de PIB del Gobierno para 2013 son demasiado optimistas
Lagarde recomienda para España más tiempo para reducir el déficit
Cristina Delgado Madrid 10 OCT 2012 - 23:29 CET
un comunicado.
Standard & Poor's debt of Spain leaves the edge of 'junk'
The risk rating agency degrades sovereign debt two notches, to BBB-
"The risks are increasing in Spain's public finances," says
Warns of rising tensions "economic and political"
He says the government's GDP forecasts for 2013 are too optimistic
Spain Lagarde recommended for longer to reduce deficit
Cristina Delgado Madrid 10 OCT 2012 - 23:29 CET
The risk rating agency Standard & Poor's (S & P) has decided to lower the debt rating two notches Spanish and leaves the edge of the so-called junk bonds, that is, a step to be considered speculative investments. Until now Spanish bonds were rated BBB + with and from this reduction are BBB-. The previous rating of S & P was conducted in August, when the agency decided to offer a vote of confidence in Spain and remained unchanged. "The downgrade reflects our view that the risks are increasing in Spain's public finances, due to the growing economic and political pressures," S & P said in a statement.
The agency warns that Spain "is experiencing a severe economic recession and deep that can lead to increased social unrest and rising tensions between the central government and regional governments." It also aims to tensions with the regions and explains that regional finances are one of the elements that have tipped the balance to change the note to Spain. "With regional elections approaching and many regions experiencing major financial difficulties, tensions between the central government and the regions are growing, which makes the results of the economic and fiscal policies are diluted. Limited These growing internal difficulties, since our vision , the central government policy options ", says in his statement.
The economic downturn, however, the focus on the downgrades. "Spain is enduring a severe and deepening economic recession and reflect our estimates of -1.8% of GDP in 2012 and -1.4% in 2013," said S & P. "While exports have expanded significantly," says the agency does not believe "that their contribution to income and employment to offset the impact of depressed demand in the Spanish labor market or, less tax revenue in the State tax results "he warns. It also mentions the difficulties for companies to access credit.
The maneuverability of the government to contain the crisis causes "
The agency warned the Government that the rating has a negative outlook and further procrastination when ransom can harm the sovereign debt rating. "We believe that the doubts of the government to agree on a formal program of support, which probably would reduce significantly the cost of financing the country through purchases by the ESM and the European Central Bank (ECB), potentially increasing the risk of a further decline Spain's rating, "warns.
S & P also points to the Executive that its forecasts are too optimistic about 2013. "The deficit targets are likely to be difficult to meet due to the continued decline in employment as well as to the Government's intention to possibly increasing pensions by the end of 2012 and increase them in 2013." The adjustments made so far, he says, may be felt, but in the long term. "We believe the government's determination will be tested repeatedly by different sectors of the country that are being adversely affected by its policies. And therefore, we think the maneuverability of the government to contain the crisis has diminished," say.
Currently, out of 'junk'
Fitch also in June and decided to reduce the solvency of Spain three notches, to BBB, which means that this company is still two notches above junk bonds. However, he also warned that the outlook was "negative", implying a possible revision. Meanwhile Moody's should review the note on sovereign bonds before the end of September, however, decided to delay the decision. This agency was so far the hardest when valuing Spain, since it gives Baa3, just above junk bond level.
Note that agencies give Spain but is dangerously close to junk status, is still far from giving it to Greece. To Hellene all firms give grades in the block of C, ie, within the speculative level, but also at least seven levels deep (to S & P's CCC to Moody's C and Fitch CCC). Portugal is also considered junk, but of the highest quality (S & P puts a BB and a BB + Fitch). Meanwhile, Ireland is considered better than Spain, as both Fitch and S & P gives thumbs up to their sovereign bonds BBB +.
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.
S & P points to a mass downgrade of Spanish banks
The credit rating agency Standard & Poor's (S & P) is considering lowering the note of a number of Spanish banks after cut by two notches sovereign rating of Spain, to BBB-with a negative outlook, which leaves it to the edge of the category called junk.
"We believe that this reduction could have a negative impact on the solvency of the Spanish banks we rate," the rating agency said in a statement. Among the entities that could be affected by this reduction are Banco Santander (A-), the only one so far had dramatically more than the country note. Also its subsidiaries Banesto (A-) and Santander Consumer Finance (BBB +). In turn, BBVA (BBB +) and Barclays Bank (BBB +), the only ones that kept a rating equal to that of Spain.
Furthermore, also consider the impact of this reduction in the ratings of CaixaBank (BBB) and its parent La Caixa (BB +), which is already in the category of junk, as the ratings of Bankia BB + and its parent Bank Finance and Savings (B +).
In this line, analyze the credit profiles of Kutxabank, Ibercaja Bank and the Spanish Confederation of Savings Banks (CECA), which are rated BBB-, the edge of the speculative grade category in which Bank already Sabadell, Banco Popular and Bankinter, to flaunt a BB + rating.
リスク評価機関のスタンダード·アンド·プアーズ（S＆P）は、スペイン国債の格付けをBBBーに引き下げることを決めた
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