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Stocks Plummet on Downgrade
 Dow Dives Below 
 11K on Downgrade 
Updated
Aug 8, 2011 1:28 PM CDT

Dow Dives Below 11K on Downgrade

Dow loses 135 points at open, now down more than 500

(Newser) - Investors reacted to the S&P's US credit rating downgrade and Europe's debt woes today exactly the way you'd expect: They panicked. Stocks started low, and have sunk ever deeper throughout the day. As of 2:26pm EST, the Dow was down a whopping 600 points, taking...

Obama: We&#39;ll Always Be AAA
 Obama: We'll Always Be AAA 
Aug 8, 2011 1:23 PM CDT

Obama: We'll Always Be AAA

President addresses downgrade with optimism

(Newser) - Barack Obama did his best to reassure the country after the Standard & Poor’s downgrade of the US credit rating. S&P pulled the trigger “not so much because they doubt our ability to pay our debt,” Obama explained , but because “they doubted our political system’...

S&amp;P&#39;s Ratings Are Worthless

 S&P's Ratings 
 Are Worthless 
Nate Silver
Aug 8, 2011 12:45 PM CDT

S&P's Ratings Are Worthless

Nate Silver runs the numbers, and scoffs at ratings firm

(Newser) - Don’t put too much stock in Standard & Poor’s much ballyhooed credit ratings—because they’re astonishingly bad. Nate Silver of the New York Times ran an analysis on S&P’s ratings from five years ago, and found that, had you heeded them, they “would have...

Moody's: We Still Might Downgrade US, Too

Credit agency insists on more cuts

(Newser) - Moody’s may have already reaffirmed America’s AAA credit rating , but it released a statement today reiterating that that could still change. If the US doesn’t find more deficit reductions pronto, it could face a downgrade before 2013, the agency warned, according to Reuters . Analyst Steven Hass wrote...

S&P: Oh, We Might Downgrade US Again

Worried partisanship will block meaningful debt reform

(Newser) - Standard & Poor's yesterday not only defended its decision to downgrade America's once-vaunted AAA credit rating for the first time, it warned that a second downgrade could be on the way if the US doesn't get its act together. “Compared to some other highly rated governments,...

GOP's 'Political Insanity' Caused S&P Downgrade

Downgrade not about numbers as much as GOP extremism

(Newser) - Standard & Poor's downgrade of America's credit rating represents a new factor in America's creditworthiness—"political insanity," writes Edmund Andrews in the National Journal . Indeed, Andrews notes that S&P explicitly cited politics in its downgrade: “The political brinksmanship of recent months highlights...

Standard &amp; Poor&#39;s Made the Right Decision
Standard & Poor's
Made the Right Decision
OPINION
Aug 6, 2011 4:20 PM CDT

Standard & Poor's Made the Right Decision

S&P may be flawed, but that doesn't make it wrong on this one: Klein, Gandel

(Newser) - Standard & Poor's is taking a lot of criticism today of the how-can-these-geniuses-lecture-us variety. Kind of like this . All of it is warranted, writes Ezra Klein at the Washington Post . After all, the folks at S&P "didn’t just miss the bubble," he writes. "They...

Clueless S&amp;P Has No Right to Pass Judgment
Clueless S&P Has No Right
to Pass Judgment
Paul Krugman
Aug 6, 2011 9:20 AM CDT

Clueless S&P Has No Right to Pass Judgment

Krugman: Mortgage mess shows ratings agencies aren't qualified

(Newser) - Paul Krugman blames the "extremism of anti-tax Republicans" for pushing the nation into this credit rating mess , but he finds it a little hard to see Standard & Poor's as the wise elders in the room. "It’s hard to think of anyone less qualified to pass...

China Blasts US Debt 'Addiction'

Irate over credit downgrade, Beijing lets loose

(Newser) - If Washington thought last night's credit downgrade was a just a nightmare, it woke up this morning to the cold, hard reality of China bashing it over the head for its free-spending ways. In what the New York Times calls a sign of America's plummeting global cachet, Beijing...

Moody's Keeps Triple-A Rating for US, but ...

It says the outlook is 'negative;' no word yet from S&P

(Newser) - Two of the big three rating agencies have spoken, and neither is yanking the nation's triple-A credit rating—for the time being. Moody's kept the Aaa in place in the wake of the debt ceiling deal but said the rating outlook is "negative," meaning it can...

Fitch Threatens to Downgrade US, Too

Joins S&P and Moody's

(Newser) - The third major bond rating agency joined the chorus warning that the US is in danger of losing its AAA credit rating today. Fitch Ratings said it was placing US in the “ratings watch negative” category, which according to Politico can lead to a downgrade in three to six...

Moody's Warns It May Lower US Credit Rating

Agency getting antsy about the risk of default

(Newser) - Tick tock on those debt ceiling talks: Moody's is threatening to lower the United States' credit rating, saying there is a small but rising risk that the government will default on its debt. The credit rating agency says it will review the federal government's triple-A bond rating because...

S&P: Greek Rescue Plan Would Count as a Default

Credit rating firm rejects French banks' plans

(Newser) - Greece got yet more bad news today, when Standard & Poor's issued a statement saying that a proposed rescue plan from banks in France "would likely amount to a default" as far as it was concerned. French banks planned to roll over their holdings in the country's...

S&P Kicks Greece to World's Lowest Credit Rating

Says default is likely

(Newser) - Standard & Poor’s knocked Greece down a whopping three notches in its latest credit rating today, saying a default was "increasingly likely." Greece’s new rating—CCC—is the lowest of any country in the world, standing just four steps above default, Reuters reports. What’s worse,...

Moody's Warns US to Strike Deal on Debt Limit

It threatens to downgrade nation's triple-A credit rating

(Newser) - Moody's is getting antsy over the lack of progress on a deal to raise the debt limit and cut the deficit, reports the Washington Post . It warned today that it will consider lowering the nation's credit rating unless a deal emerges by mid-July, citing a "very small...

S&amp;P Downgrades Japan, Too
 S&P Downgrades Japan, Too 
Apr 27, 2011 8:24 AM CDT

S&P Downgrades Japan, Too

Rating agency fears cost of rebuilding will damage country's finances

(Newser) - Looks like the US has some company: Standard & Poor’s has downgraded Japan’s credit outlook to negative, much as it did for the US last week. In Japan’s case the culprit is, of course, the earthquake and tsunami, which S&P believes could cost the government as...

S&P Drops US Credit Outlook to 'Negative'

They say there's 'material risk' that politicians won't fix fiscal problemsr

(Newser) - Standard & Poor’s reaffirmed America’s AAA credit rating today, but dropped its outlook to “negative,” saying there was “material risk” that US policy makers wouldn’t figure out how to handle the nation’s fiscal woes by 2013. “If an agreement is not reached...

S&P, Moody's Say US Credit Rating at Risk

Markets don't seem bothered by warnings, however

(Newser) - Two prominent credit-rating agencies say the US could lose its AAA credit rating if it doesn't get in better financial shape, the Wall Street Journal reports. Standard & Poor's and Moody's both issued dire warnings on the nation's creditworthiness—although investors didn't seem much bothered. Moody's cited rising debt, and...

China Drops US Credit Rating Ahead of G20

Obama faces a world divided, peeved by Fed moves

(Newser) - China’s top state-endorsed rating agency dropped the United States’ credit rating yesterday, warning that recent Fed moves, along with “serious defects in the United States' economic development and management model” were “fundamentally lowering the national solvency.” The report probably won’t have much impact on our...

Bankers Now Think Citi Less Risky Than Goldman

Criticism sends Goldman debt costs higher

(Newser) - One is the most profitable, successful bank on Wall Street, the other came within a hairsbreadth of nationalization. Who would you rather lend money to? Apparently, right now investors are going with the latter. As of Monday, Goldman Sachs' debt was yielding 2.73%, to just 2.29% for Citigroup,...

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