Investor confidence in a global economic recovery took a hit after international rating agency Standard &Poor's downgraded the US long-term credit rating from AAA to AA+.
Meanwhile, Fitch, a credit-rating agency, said that Britain risked losing its AAA grade in 2010 unless measures were taken to cut spending and raise revenue. See article.
Standard &Poor’s, a rating agency, reckons that dividends in America could fall by about a quarter this year—the steepest drop since 1938. Even this may understate the decline.
The credit rating agency shall ensure its rating unbiased and fair.
Last month Moody's, a rating agency, raised the outlook on Citi's stand-alone "financial strength" rating (excluding government support), from negative to stable.
The rating agency says its greatest concern is "the magnitude of decline in profitability and the lack of visibility to turn around operations."
Moody’s, a credit-rating agency, says its liquidity-stress index, which tracks the cash position of heavily indebted American firms, shows they are feeling as pinched as at any time since late 2002.
The rating agency this week raised its estimate of Spanish banking sector losses by some 70%.
Earlier this month, another credit rating agency downgraded United States government debt for the first time. Standard and Poor's blamed the political fight over the nation's debt.
In February Fitch, a rating agency, called them among the weakest in emerging Asia.
Yet the spread over German bonds has widened recently, and in February Moody’s, a rating agency, warned that in the absence of consolidation, rising debt could threaten France’s AAA rating.
And how did the rating agency react after this A-rated firm went bankrupt?
Moody's,another rating agency, says it was less worried by the absence of covenantslast year than by the more aggressive use of borrowed money (in particular,bank debt) in private-equity deals.
China's only credit rating agency, Dagong Global, downgraded US sovereign debt on Wednesday to a from a + with a negative outlook due to the higher debt ceiling.
On Wednesday, China's Dagong credit rating agency downgraded American debt.
That fear of acting too late may explain why Fitch, a big credit-rating agency, chose this week to lower Greece's sovereign-debt rating by another notch, from a - to BBB +.
General Motors' shares went into free-fall on Thursday, dropping 31% after a rating agency threatened to downgrade its debt.
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