Uploaded by FinancialNewsOnline on Nov 10, 2011
France's credit rating has not been changed. That's what ratings agency Standard & Poors said after they mistakenly announced to some clients that the country was downgraded from their AAA rating.
S&P said in a statement, "As a result of a technical error, a message was automatically disseminated today to some subscribers of S&P's Global Credit Portal suggesting that France's credit rating has been changed. This is not the case: the ratings on Republic of France remain 'AAA/A-1+' with a stable outlook and this incident is not related to any ratings surveillance activity. We are investigating the cause of error."
The bond spread between France's ten-year bond rates and Germany's hit new record highs during the eurozone debt crisis. Moody's has warned France that it is in danger of becoming downgraded.
President Nicolas Sarkozy's government has launched an austerity program and insist its finances are under control, vowing to balance its budget by 2016.
McGraw-Hill (NYSE:MHP) the parent company of Standard & Poors, has potential upside of 12.5% based on a current price of $42.22 and an average consensus analyst price target of $47.5.
S&P said in a statement, "As a result of a technical error, a message was automatically disseminated today to some subscribers of S&P's Global Credit Portal suggesting that France's credit rating has been changed. This is not the case: the ratings on Republic of France remain 'AAA/A-1+' with a stable outlook and this incident is not related to any ratings surveillance activity. We are investigating the cause of error."
The bond spread between France's ten-year bond rates and Germany's hit new record highs during the eurozone debt crisis. Moody's has warned France that it is in danger of becoming downgraded.
President Nicolas Sarkozy's government has launched an austerity program and insist its finances are under control, vowing to balance its budget by 2016.
McGraw-Hill (NYSE:MHP) the parent company of Standard & Poors, has potential upside of 12.5% based on a current price of $42.22 and an average consensus analyst price target of $47.5.
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