SPAGNA: nuovo downgrading. Ora il rating per S&P è BBB-
Crisi Spagna: debito ad un passo dal livello junk bond
Tornano protagoniste le agenzie di rating. Questa volta è Standard & Poor’s a diventare nuovamente protagonista con un nuovo taglio del rating per la Spagna.
Il passaggio è molto importante in quanto si scende dal precedente BBB+ all’attuale BBB-, ovvero l’ultimo livello considerato “Investment Grade” e sotto il quale ci sarà la qualità da “junk bond”, ovvero titoli spazzatura. E l’outlook non è certo ben augurante. Infatti è (come temevo) negativo. Bond spagnoli nuovamente sull’orlo del precipizio…
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Overview
• The deepening economic recession is limiting the Spanish government’s
• policy options.
• Rising unemployment and spending constraints are likely to intensify
• social discontent and contribute to friction between Spain’s central and
• regional governments.
• Doubts over some eurozone governments’ commitment to mutualizing the
• costs of Spain’s bank recapitalization are, in our view, a destabilizing
• factor for the country’s credit outlook.
• We are therefore lowering our long- and short-term sovereign credit
• ratings on Spain to ‘BBB-/A-3’ from ‘BBB+/A-2’.
• The negative outlook on the long-term rating reflects our view of the
• significant risks to Spain’s economic growth and budgetary performance,
• and the lack of a clear direction in eurozone policy.
Rating Action
On Oct. 10, 2012, Standard & Poor’s Ratings Services lowered its long-term
sovereign credit rating on the Kingdom of Spain to ‘BBB-‘ from ‘BBB+’. At the
same time, we lowered the short-term sovereign credit rating to ‘A-3’ from
‘A-2’. The outlook on the long-term rating is negative.
Ratings List: Downgraded Spain (Kingdom of)
Sovereign Credit Rating to BBB-/Negative/A-3 from BBB+/Negative/A-2
Senior Unsecured to BBB- form BBB+
Short-Term Debt to A-3 from A-2
STAY TUNED!
DT
