Portugal, Belgium hit by rating cuts; Eurozone yields jump again |
| Los Angeles Times - Nov 25, 2011 |
With European government bond markets already in severe distress, the credit-rating companies keep delivering their equivalent of a blast of pepper spray.
Bond yields surged again across Europe on Friday, one day after Fitch Ratings cut Portugal’s debt rating to “junk” status.
After markets closed, Standard & Poor’s dealt yet another blow to Eurozone debt, cutting Belgium’s rating to AA from AA+. S&P cited growing doubts that Belgium will be able to reduce its debt load as the continent’s economic situation deteriorates.
Meanwhile, Moody’s Investors Service lowered Hungary’s debt rating to junk on Thursday, and Greece reportedly was trying to drive a harder bargain with creditors as it negotiates to have a large portion of its debt forgiven.
All of this made Friday a bad day to try to borrow in the Eurozone, but Italy tried anyway -- and paid a high price. Investors demanded a 6.5% yield on $10.6 billion of six-month Italian treasury bills, up from 3.09% just a month ago.
Read Full Article from Los Angeles Times
- Posted: 2011-11-25 14:42:21
| More Stock Investor Place Top Stories |
 |
|
|
|
| Stock Investor Place Top Stories Archive |
|
|
|
