Standard and Poor

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Moody's Also Drops Italy's Credit Rating

Cites woes with the euro, not Italy itself

(Newser) - Moody’s followed Standard & Poor’s lead and downgraded Italy’s credit rating yesterday, slashing it from Aa2 to A2 and setting its outlook to “negative,” meaning it envisions more cuts to come. Moody’s said its decision wasn’t based on Italy’s government finances, but...

Italy Lashes Out After S&P Downgrade

Says it was swayed by 'political considerations'

(Newser) - Silvio Berlusconi’s office reacted angrily to Standard & Poor’s downgrade of Italy’s credit rating today, insisting that it had a solid majority in parliament and was taking the necessary steps to solve Italy’s debt crisis, the New York Times reports. “The evaluations of Standard &...

Fitch Threatens to Downgrade US, Too

Joins S&P and Moody's

(Newser) - The third major bond rating agency joined the chorus warning that the US is in danger of losing its AAA credit rating today. Fitch Ratings said it was placing US in the “ratings watch negative” category, which according to Politico can lead to a downgrade in three to six...

Moody's Warns US to Strike Deal on Debt Limit

It threatens to downgrade nation's triple-A credit rating

(Newser) - Moody's is getting antsy over the lack of progress on a deal to raise the debt limit and cut the deficit, reports the Washington Post . It warned today that it will consider lowering the nation's credit rating unless a deal emerges by mid-July, citing a "very small...

GDP Grows 2% in 3Q
 GDP Grows 2% in Q3 
Oct 29, 2010 8:54 AM CDT

GDP Grows 2% in Q3

Growth fits economists' predictions

(Newser) - The economy grew slightly faster over the summer as Americans spent a little more freely: The GDP grew at a 2% rate during the third quarter, in line with what economists had forecast. It marks a slight improvement over last quarter, when the GDP grew at a 1.7% rate....

Ohio Sues Credit Rating Agencies for Role in Crisis

Moody's, S&P, Fitch lied about risk of toxic securities, AG charges

(Newser) - Ohio's attorney general sued the three biggest credit-rating agencies today on behalf of state employee retirement funds that lost $457 million in complex securities that imploded in the financial crisis. Richard Cordray alleges Moody's, Standard & Poor's, and Fitch conspired with issuers of the high-risk investments to give top ratings...

Looking for Extra Credit, Schools Get Downgraded

(Newser) - The credit crunch is starting to hit even top-tier universities, the Wall Street Journal reports. Both Moody’s and S&P stripped Dartmouth of its AAA rating this week. It’s the 20th college Moody’s has downgraded this year. “That’s comparable to the rate of downgrades universities...

Rating Agency Again Judges USA AAA
Rating Agency Again Judges USA AAA
May 27, 2009 11:28 AM CDT

Rating Agency Again Judges USA AAA

Uncle Sam's debt holds steady despite 'negative pressure'

(Newser) - Moody’s today reassured investors that the United States government won’t lose its AAA credit rating…yet. Last week Standard & Poor warned that it might soon drop Britain’s debt rating, sparking panic that other governments could follow. A Moody’s VP said the US’ rating is the...

Dow Worries Its Way Down 130
 Dow Worries Its Way Down 130 
MARKETS
May 21, 2009 3:13 PM CDT

Dow Worries Its Way Down 130

(Newser) - Markets were off today on news that credit raters might downgrade England and other countries, the Wall Street Journal reports. Though oil remained stable, the stocks of construction-related firms like Home Depot, Caterpillar, and Alcoa plunged; the price of gold surged. The Dow was off 129.91 to 8,292....

Stocks Plummet on UK's Credit Woes
 Stocks Plummet on 
 UK's Credit Woes 
MARKET open
May 21, 2009 8:49 AM CDT

Stocks Plummet on UK's Credit Woes

(Newser) - Stocks plummeted at today’s open after Standard & Poor’s warned it might downgrade the UK’s credit rating, the Wall Street Journal reports. The Dow tumbled 126 points, while the Nasdaq and S&P each fell more than 1%. Investors now fear other major economies, including the US,...

Credit Rating Agencies Off-Base But Bullet-Proof

(Newser) - Until the day Lehman Brothers declared bankruptcy, all three of the major credit-ratings agencies swore its debt was safe, rating it A or better. They rated AIG at AA. And they gave 75% of the $3.2 trillion of subprime mortgage securities iron-clad AAA ratings. Moody’s, S&P and...

Shopping Mall Giant Goes Bankrupt

Second-largest U.S. mall owner can't refinance billions in debt

(Newser) - Chicago-based General Growth Properties, the second-largest US shopping mall owner, filed for Chapter 11 bankruptcy today after attempts to refinance more than $27 billion in debt failed, Bloomberg reports. The owner of more than 200 shopping malls owes a unit of Germany’s Commerzbank $2.6 billion, while bondholders are...

Home Prices Took Record 19% Dive in January

(Newser) - US home prices sank by 19% in January, the sharpest annual rate on record, and the pace continues to accelerate, the AP reports, but there were a handful of battered metro areas where price declines slowed, according to data released today. The tumble taken by the Standard & Poor's/Case-Shiller index...

Disgraced Credit Raters See Windfall in Fed Plan

Moody's, S&P could earn big rating Fed bond deals

(Newser) - Credit-rating companies faulted for their role in creating the financial crisis could rake in more than $1 billion in Ben Bernanke’s new plan to prop up the financial system, the Wall Street Journal reports. The Fed is planning $7 billion worth of bond deals, and they'll need the approval...

Investors Flee GE Despite Soaring Profits

Fears about GE's capital arm and a possible loss of AAA rating stoke concerns

(Newser) - General Electric, long considered a reliable growth company paying an attractive dividend, is taking a beating ahead of a possible cut to its AAA debt rating, Bloomberg reports. Though GE recently posted its third-highest annual profit ever, the company has lost $264 billion in market value in 12 months and...

Eye on Banks, Stocks Sink Early
 Eye on Banks, Stocks Sink Early 
MARKETS
Feb 25, 2009 8:50 AM CST

Eye on Banks, Stocks Sink Early

Dow drops 30 points after bell

(Newser) - Stocks sank after the opening bell this morning, with traders’ eyes still on troubled banks, which face regulators’ stress tests starting today, the Wall Street Journal reports. The Dow quickly plunged 30 points; the S&P slipped 0.5% with a 2.2% drop in financials; and the Nasdaq tumbled...

Home Prices Post Record 4th-Quarter Decline

Dropped 18.2% during quarter compared to year ago

(Newser) - Home prices tumbled by the sharpest year-over-year rate on record in the fourth quarter and in December, a widely-watched index shows. The S&P/Case-Shiller US home price index plunged 18.2% from the fourth quarter a year ago, the largest drop in its 21-year history. Prices are now at the...

25 People Responsible for the Crisis
25 People Responsible
for the Crisis
OPINION
Jan 26, 2009 3:25 PM CST

25 People Responsible for the Crisis

Greenspan, King, and Clinton all played a role, the Guardian writes

(Newser) - The current recession is a wholly man-made phenomenon, the Guardian reminds us, and they’ve got the names of those responsible. Here are four from their list of 25:
  • Alan Greenspan: Fed chair for 19 years, Greenspan kept interest rates low as the housing bubble developed, backed subprime lending and
...

Stocks Begin Holiday Week Mixed
 Stocks Begin 
 Holiday Week Mixed 
MARKET OPEN
Dec 22, 2008 9:17 AM CST

Stocks Begin Holiday Week Mixed

Fed cuts, auto loan offer boost

(Newser) - Stocks opened mixed today after China cut interest rates and Toyota predicted its first loss in 71 years, the Wall Street Journal reports. Toyota’s US shares dropped 3% after its bleak forecast, and General Motors (16%) and Ford (7%) both fell. The Dow ticked up after the bell but...

Russia's Credit Rating Lowered
 Russia's Credit Rating Lowered 
Dec 9, 2008 1:59 PM CST

Russia's Credit Rating Lowered

Putin in trouble

(Newser) - The plummeting ruble might just bankrupt Russia, the Financial Times reports. Standard and Poor’s has dropped the G8 member’s credit rating from BBB+ to the lowly BBB, warning that the country may have to spend all $200 billion in its sovereign wealth funds to recapitalize the banking system...

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