S&P Accidentally Downgrades France
Posted on Nov 10, 2011
The same ratings firm that held the United States hostage to its debt demands and gave the thumbs up to toxic mortgage assets is again in the news for bungling things. Standard & Poor’s accidentally announced a downgrade Thursday of France’s AAA credit rating.
S&P is investigating the false announcement.
With all these foul-ups, one wonders what rating Standard & Poor’s would get if someone bothered to evaluate the raters, themselves. —PZS
Standard & Poor’s accidentally released a message to some of its subscribers on Thursday saying that it had downgraded French debt from its top AAA rating.
S&P said it was investigating what had gone wrong and stressed that France still had an AAA rating.
The French market regulator AMF said it was also investigating how the error could have happened.
Richard Newton (CC-BY)