Friday, October 26, 2012

S&P Major Bank Downgrade in France

Is France about to follow the PIIGS into financial crisis mode? It's a very real possibility.

S&P cut ratings at BNP Paribas (from AA- to A+) and lowered its outlook on 12 others, including Credit Agricole and Societe Generale citing increased economic risks.

The S&P also cut its French GDP forecasts to close to zero in 2013-14 and revised its economic risk score on the sovereign from 2 to 3.

No comments:

Post a Comment