Economia
A seguir a Portugal foi a vez de a Irlanda sofrer uma descida do rating da Moodys de Baa3 para Ba1. Esta descida ocorre não obstante a Moodys reconhecer que a Irlanda tem revelado "a strong commitment to fiscal consolidation and has, to date, delivered on its programme objectives" e, apesar de considerar que continuam a existir riscos de implementação do programa associados à evolução da economia, decorre
sobretudo da "growing likelihood that participation of existing investors may be required as a pre-condition for any future rounds of official financing, should Ireland be unable to borrow at sustainable rates in the capital markets after the end of the current EU/IMF support programme at year-end 2013. Private sector creditor participation could be in the form of a debt re-profiling -- i.e., the rolling-over or swapping of a portion of debt for longer-maturity bonds with coupons below current market rates -- in proportion to the size of the creditors' holdings of debt that are coming due".
A Moody's justifica esta sua hipótese com "EU policymakers' increasingly clear preference -- as expressed during the negotiations over the refinancing of Greek debt -- for requiring some level of private sector participation given that private investors continue to hold the majority of outstanding debt. A call for private sector participation in the current round of financing for Greece signals that such pressure is likely to be felt during all future rounds of official financing for other distressed sovereigns, including Ba2-rated Portugal (as Moody's recently stated) as well as Ireland".
- A Descida De Rating Da Grécia Pela Moody's
A Moody's justifica a sua decisão de descer o rating da dívida da Grécia de Ca from Caa1 com base no "announced EU support programme and debt exchange proposals by major financial institutions implies that private creditors will incur...
- Ler Os Outros: Don't Blame Moody's For A Messy Euro Crisis - Wolfgang Munchau
"You can always gauge the temperature of the eurozone crisis by the blame game, writes the FT commentator. Last week, the cacophony briefly subsided when everybody who mattered accused the rating agencies of engaging in an anti-European conspiracy. This...
- A Posição Da Standard & Poors Sobre A Proposta Francesa
Pronunciando-se sobre a proposta francesa para um "roll-over" da dívida grega detida pelos investidores privados a Standard & Poors veio considerar que em ambas as opções colocadas aos investidores no âmbito daquela proposta "investors...
- Moody's Desce O Rating De Portugal
A agência de rating Moody's desceu o rating de Portugal de A1 para A3, mantendo o outlook negativo, justificando esta medida com base em quatro factores (informação obtida via Alphaville): "1. Subdued growth prospects and productivity gains...
- Moody's Ameça Rebaixar A Nota Do Brasil. E 2015 Ainda Nem Acabou...
New York, December 09, 2015. Moody's Investors Service has placed Brazil's Baa3 issuer and bond ratings on review for downgrade. The review for downgrade is driven by i) rapidly and materially deteriorating macroeconomic and fiscal trends...
Economia
Moodys desce o rating da Irlanda
A seguir a Portugal foi a vez de a Irlanda sofrer uma descida do rating da Moodys de Baa3 para Ba1. Esta descida ocorre não obstante a Moodys reconhecer que a Irlanda tem revelado "a strong commitment to fiscal consolidation and has, to date, delivered on its programme objectives" e, apesar de considerar que continuam a existir riscos de implementação do programa associados à evolução da economia, decorre
sobretudo da "growing likelihood that participation of existing investors may be required as a pre-condition for any future rounds of official financing, should Ireland be unable to borrow at sustainable rates in the capital markets after the end of the current EU/IMF support programme at year-end 2013. Private sector creditor participation could be in the form of a debt re-profiling -- i.e., the rolling-over or swapping of a portion of debt for longer-maturity bonds with coupons below current market rates -- in proportion to the size of the creditors' holdings of debt that are coming due".
A Moody's justifica esta sua hipótese com "EU policymakers' increasingly clear preference -- as expressed during the negotiations over the refinancing of Greek debt -- for requiring some level of private sector participation given that private investors continue to hold the majority of outstanding debt. A call for private sector participation in the current round of financing for Greece signals that such pressure is likely to be felt during all future rounds of official financing for other distressed sovereigns, including Ba2-rated Portugal (as Moody's recently stated) as well as Ireland".
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- A Descida De Rating Da Grécia Pela Moody's
A Moody's justifica a sua decisão de descer o rating da dívida da Grécia de Ca from Caa1 com base no "announced EU support programme and debt exchange proposals by major financial institutions implies that private creditors will incur...
- Ler Os Outros: Don't Blame Moody's For A Messy Euro Crisis - Wolfgang Munchau
"You can always gauge the temperature of the eurozone crisis by the blame game, writes the FT commentator. Last week, the cacophony briefly subsided when everybody who mattered accused the rating agencies of engaging in an anti-European conspiracy. This...
- A Posição Da Standard & Poors Sobre A Proposta Francesa
Pronunciando-se sobre a proposta francesa para um "roll-over" da dívida grega detida pelos investidores privados a Standard & Poors veio considerar que em ambas as opções colocadas aos investidores no âmbito daquela proposta "investors...
- Moody's Desce O Rating De Portugal
A agência de rating Moody's desceu o rating de Portugal de A1 para A3, mantendo o outlook negativo, justificando esta medida com base em quatro factores (informação obtida via Alphaville): "1. Subdued growth prospects and productivity gains...
- Moody's Ameça Rebaixar A Nota Do Brasil. E 2015 Ainda Nem Acabou...
New York, December 09, 2015. Moody's Investors Service has placed Brazil's Baa3 issuer and bond ratings on review for downgrade. The review for downgrade is driven by i) rapidly and materially deteriorating macroeconomic and fiscal trends...