Skip to comments.Weak Growth: Agency Strips Netherlands’ AAA Rating
Posted on 11/29/2013 7:11:23 PM PST by Olog-hai
The list of eurozone countries with immaculate credit ratings took another hit this week. On Friday morning, Standard & Poors (S&P) removed the Netherlands top rating, downgrading the country to AA+. This leaves only three countries in the common currency area with the best grade of AAA: Finland, Luxembourg and Germany. Two years ago, six countries still had that rating.
Dutch Finance Minister Jeroen Dijsselbloem, who is also president of the Euro Group, recently announced that his country would violate the European Commissions deficit rules despite an additional 6 billion ($8.16 billion) austerity package.
Like Germany, the Netherlands had long enjoyed a solid reputation for its stability in the euro crisisan image that could take a hit as a result of the downgrade. France, meanwhile, lost its top rating a year ago and was further downgraded early this month by S&P.
(Excerpt) Read more at spiegel.de ...
This should be bullish for the stock market. Because, thanks to Ben, everything is bullish for the stock market.
Luxembourg? Is that still a country? I thought it was downgraded to a suburb of Germany.
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