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  1. #1
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    Britain's Triple A Rating Downgraded

    The inevitable has finally happened.
    Moodys is the first to cut Britain's financial rating, soon to be followed by all other credit agencies no doubt.
    Some may say this is insignificant, but the message is clear, economic mismanagement continues to damage the long term prospects of the UK and it's citizens.

    By Daniel Bases and David Milliken
    NEW YORK/LONDON | Fri Feb 22, 2013 11:45pm GMT

    (Reuters) - Britain suffered its first ever sovereign ratings downgrade from a major agency on Friday, after Moody's stripped the country of its coveted top-notch triple-A rating, dealing a major blow to finance minister George Osborne.

    Moody's cut Britain's rating by one notch to Aa1 from Aaa, with a stable outlook, blaming weak prospects for Britain's economy over the coming years which have thrown the government's deficit reduction strategy off course.

    Austerity has been the watch word for Osborne's fiscal policy since his Conservative-led coalition came to power in 2010 after an election in which he vowed to defend Britain's triple-A rating, which keeps down borrowing costs.

    But weak growth - which the opposition Labour Party blames partly on too much austerity - has pushed the government's goal of largely eliminating the budget deficit by 2015 at least two years off track.
    Many in financial markets had expected at least one major agency to downgrade Britain this year.

    Following the release of January public finances data on Thursday, the government's fiscal watchdog said the government may struggle to reduce borrowing at all during the current fiscal year, which finishes at the end of March.


    Moody's strips UK of coveted triple-A debt rating | Reuters
    Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming "Wow! What a Ride!"

  2. #2
    Member cheekyman's Avatar
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    his is nor good news - are we now looking at a 40bt uk pound - I think it was that rate circa '89

  3. #3
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    Quote Originally Posted by cheekyman View Post
    his is nor good news - are we now looking at a 40bt uk pound - I think it was that rate circa '89
    Could be worse. I remember a period when it was about 28 !

    Look on the bright side, if you're thinking of selling up in Thailand and returning to the U.K. ( pretty unlikely ) imagine all those pounds you could buy with your strong baht.

    Then again, if you're a TEFLer you'll be able to send home food parcels to your poor relatives back in England

  4. #4
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    ^Does this mean more immigration from Blighty?
    Hope so, Thailand needs some new, quality visitors.
    The last bunch seems to only take tour buses, (Chinese), the other (Russians),simply looses the plot everytime they meet a new girlfriend.

    One can hope...

  5. #5
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    Nothing new here, England has been a broken economy for some time. Nice to see the pound dropping against the dollar.

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    ^ it is the UK, not England, that has been downgraded

    Is that typical of those northern boys?

    most people know the Scottish economy would be in a hopeless mess if it wasn't for us kind English

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    Quote Originally Posted by DrAndy
    Scottish economy would be in a hopeless mess if it wasn't for us kind English
    Yes, for sure and the Scots are ever so grateful to their mentor's same as N. Ireland.

  8. #8
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    These are the same agencies that were giving RBS, HSBC, and all the wall st pirates hunky dory, tickety boo ratings right up to the GFC?

    Righto then.

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    Downgraded by the same companies that said Iceland and Lehman Brothers were AAA up until the second before they collapsed like a house of cards? Oh dear.

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    ^-^^You're not saying they have a credibility problem are you?

    Seems it really doesn't matter how low your credit rating is as if Greece or Spain gives a shit? Just more paper flow. spunk in = spunk out

  11. #11
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    Quote Originally Posted by benbaaa View Post
    Downgraded by the same companies that said Iceland and Lehman Brothers were AAA up until the second before they collapsed like a house of cards? Oh dear.
    Lehman was not rated at that level at the time of its collapse. (It was rated A2)

    Socal has also made that same incorrect assertion about Lehman Brothers' rating.

    I suspect people are reading blogs, and making the simple error of repeating their errors.

    Link

    http://www.reuters.com/article/2008/...F2328620080915
    Last edited by The Ghost Of The Moog; 24-02-2013 at 02:31 PM.

  12. #12
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    Which European country will be next to drop from AAA....Germany?

  13. #13
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    Quote Originally Posted by Troy
    Which European country will be next to drop from AAA....Germany?
    Could be. The AAA list is shrinking with more to come. Not that the rating agencies are accurate but do influence bond markets.

    List of countries by credit rating - Wikipedia, the free encyclopedia

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    Quote Originally Posted by Troy View Post
    Which European country will be next to drop from AAA....Germany?
    It is the only European country with a AAA rating so I guess you are right. Canada is also still on AAA.

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    Happy to be corrected, Moog. What about Bear Stearns, Fannie and Freddy, AIG, the other failed banks?

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    ^All re-inflated by the Fed's QE. Everythings just great!

    Hope they don't run out of printing paper.

  17. #17
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    it was a well deserved downgrade, the ratings agency were just nice to wait for that long

    plans are in the making to "regulate" them in the EU, should get really interesting

    ratings is not an exact science, it's basically a well informed opinion based on quantitative facts

    only fools put too much weight in them,

  18. #18
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    Quote Originally Posted by Thormaturge View Post
    Quote Originally Posted by Troy View Post
    Which European country will be next to drop from AAA....Germany?
    It is the only European country with a AAA rating so I guess you are right..


    Netherlands, Switzerland, Finland, Luxembourg.......all triple A rated.

  19. #19
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    Quote Originally Posted by The Ghost Of The Moog View Post
    Quote Originally Posted by Thormaturge View Post
    Quote Originally Posted by Troy View Post
    Which European country will be next to drop from AAA....Germany?
    It is the only European country with a AAA rating so I guess you are right..


    Netherlands, Switzerland, Finland, Luxembourg.......all triple A rated.
    Interesting since I read this morning that Canada and Germany were the only developed countries left with a triple A rating.

    Perhaps the four you mention aren't developed, and Switzerland isn't in Europe (politically)
    I see fish. They are everywhere. They don't know they are fish.

  20. #20
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    there is 2 rating for each country, I think the Outlook rating and the sovereign rating or something like that

  21. #21
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    Quote Originally Posted by Thormaturge View Post
    Quote Originally Posted by Troy View Post
    Which European country will be next to drop from AAA....Germany?
    It is the only European country with a AAA rating so I guess you are right. Canada is also still on AAA.
    No, all of Skandinavia, Switzerland, Netherland, and a few micro republics are on triple A as well. All the socialist countries of the world in case you haven't noticed. Expect only Norway to outlast Germany. It's economy is different from the US or UK. It's all about manufacturing, and Germany is bigger at it than France, UK and Italy combined.

    On the other hand, you won the war.

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    Quote Originally Posted by DrAndy View Post
    ^ it is the UK, not England, that has been downgraded

    Is that typical of those northern boys?

    most people know the Scottish economy would be in a hopeless mess if it wasn't for us kind English
    The Scot secessionist movement is still afoot and still popular amongst the masses.

    You'd have to let her go to prove/discount your theory about Scotland being tied down to hopelessness. Some might contend that this is a myth.

    Scotland contributes heartedly to the broader UK economy.

    Today, Edinburgh and Glasgow are easily two of the most dynamic and growing seaports throughout Europe.

    Internationally speaking, I believe the Scots would compete [and overcome] nicely with their brothers/sisters to the south.

    Historically, England has done nothing for Scotland - except suck on a hind teet.

  23. #23
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    Quote Originally Posted by cheekyman
    are we now looking at a 40bt uk pound
    Quote Originally Posted by Bangyai
    I remember a period when it was about 28 !
    I read years ago that it should naturally sit around 25.

    smoke 'em if you've got 'em

  24. #24
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    The bond markets are ahead of the rating agencies by far.

    Quote Originally Posted by Norton View Post
    Quote Originally Posted by Troy
    Which European country will be next to drop from AAA....Germany?
    Could be. The AAA list is shrinking with more to come. Not that the rating agencies are accurate but do influence bond markets.

    List of countries by credit rating - Wikipedia, the free encyclopedia

  25. #25
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    Where do you get your information from? Or do you just bypass reality and make everything up?

    Quote Originally Posted by Rural Surin View Post
    Quote Originally Posted by DrAndy View Post
    ^ it is the UK, not England, that has been downgraded

    Is that typical of those northern boys?

    most people know the Scottish economy would be in a hopeless mess if it wasn't for us kind English
    The Scot secessionist movement is still afoot and still popular amongst the masses.

    You'd have to let her go to prove/discount your theory about Scotland being tied down to hopelessness. Some might contend that this is a myth.

    Scotland contributes heartedly to the broader UK economy.

    Today, Edinburgh and Glasgow are easily two of the most dynamic and growing seaports throughout Europe.

    Internationally speaking, I believe the Scots would compete [and overcome] nicely with their brothers/sisters to the south.

    Historically, England has done nothing for Scotland - except suck on a hind teet.
    Donít argue with idiots because they will drag you down to their level and then beat you with experience.

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