Possible Downgrades
News is currently circulating that S&P will downgrade a handful of European countries. Reuters reports that the announcement will come at 21:30 GMT (4:30 EST), and The Big Picture gives some context to the actions:
With the likelihood of an S&P credit downgrade of France, Spain, Italy, Belgium and Portugal, it’s important to understand that #1, they are just following what the markets have priced in and #2, Fitch and Moody’s in some circumstances have already moved ahead of S&P…
Update: coverage from The New York Times.
