Moody's also cut Iceland's sovereign rating to "A1, " from "Aa1, " and said its ratings were on review, according to TradeTheNews.com.
The agency took an axe to the Portuguese sovereign rating slashing it by four notches and consigning it to junk status.
Shouldn't all banks in the region receive at least the sovereign rating?
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Bloomberg recently found that yields moved in the opposite direction from sovereign rating moves more than 50% of the time this year.
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"Fitch now expects the economy to contract by 0.3 percent in 2012 compared to an expectation of growth of 0.8 percent when the UK sovereign rating was last formally reviewed in March 2012, " the agency added.
The Iberian Peninsula faced a slew of downgrades from credit rating agencies on Thursday, after Fitch decided to cut its sovereign rating for Portugal by two notches to A- while downgraded 30 Spanish banks by one or more notches.
FORBES: Portugal's Sovereigns Downgraded, Spanish Banks Guillotined
All three major credit rating agencies have threatened to reduce the US sovereign debt rating a notch to AA if the debt ceiling is not raised and if the US budget remains in deep deficit.
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Rating company Standard and Poor's raised the country's long-term sovereign credit rating from "stable" to "positive" last week, citing optimism about the government's ability to carry out structural changes.
Brazil now boasts an investment grade sovereign debt rating, which it gained in 2008.
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But it does get the company out from under the sovereign credit rating problem.
Moody's had already cut Spain's sovereign debt rating from the top, triple-A rating to Aa1 in September.
Moody's has downgraded Japan's sovereign debt rating twice in the past two years.
Fitch Ratings has downgraded China's sovereign credit rating, warning about a credit build-up in the economy that could threaten the recovery.
American politics, and its sovereign credit rating, are likely to be greatly affected by the events of the past few weeks.
Fitch cut Spain's sovereign credit rating by three notches Thursday.
Rather tight, perhaps, especially since the company was this week put on negative watch by Moody's (the agency that boosted Russia's sovereign debt rating to investment grade three weeks ago).
Moody's is considering revising sovereign debt rating criteria.
European authorities need to avoid a further sovereign credit rating downgrade of Greece, which would put it in default, as this would make Greek bonds no longer good enough to be held as collateral by the European Central Bank.
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The Philippines, whose sovereign credit rating was upgraded to investment grade by two rating firms over the past two months, has been fighting the so-called hot-money inflows with several measures, including making it easier for locals to take money abroad and lowering a deposit rate for banks that do cross-border business.
WSJ: Asian Governments Take Measures to Battle Strong Currencies
The Philippines, whose sovereign credit rating was upgraded to investment grade by two ratings firms over the past two months, has been fighting the so-called hot-money inflows with several measures, including making it easier for locals to take money abroad and lowering a deposit rate for banks that do cross-border business.
WSJ: Asian Governments Take Measures to Battle Strong Currencies
This could happen if Japan's sovereign-debt rating falls another notch, which given the country's worsening finances could easily happen.
After three yearly downgrades, Japan has a sovereign credit risk rating of Aa3 with a negative outlook, the worst rating among developed nations.
After three yearly downgrades, Japan has a sovereign credit risk rating of Aa3 with a negative outlook, the worst of any developed nation.
Last week, the firm cut Cyprus's sovereign-debt rating a notch to triple-C from triple-C-plus, saying it sees the economy now shrinking 6%, heightening the risk that Cyprus may not be able to meet the terms set for the loan.
Barnier proposed banning credit agencies from rating the sovereign debt of countries undergoing bailouts.
The Fitch ratings agency warned that if Greece did leave the euro, it would probably place all 16 remaining euro nations' sovereign ratings on "rating watch negative" - meaning they would be in danger of being downgraded.
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The credit rating agencies are very unhappy at the idea of allowing a company a higher credit rating than the sovereign nation in which they are domiciled.
The bottom line is that the AAA rating on U.S. sovereign debt is pure politics.
The sovereign now has the lowest investment-grade rating of BBB-.
Given that uncertainty, it should immediately reduce its rating on U.S. sovereign debt several notches below AAA. Then if the U.S. does get its fiscal house in order, the AAA rating could be restored.
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