(Reuters) - "Standard & Poor's has warned Germany, France and four other AAA-rated euro zone countries that they might get downgraded in the next 90 days, the Financial Times reported on Monday.So somebody gave the big green GO to S&P to do some saber-rattling. And at the time of this writing, the market went from up 140 to up 60. But yet, still up on the day. Go figure.
S&P is poised to announce later on Monday that the credit ratings of those six countries -- which include the Netherlands, Austria, Finland and Luxembourg -- are in credit watch negative, the FT said in a story published on its website."
Meanwhile, Europe saw this one coming and started making noises in October that sovereign debt shouldn't be rated.
[WSJ] EU Wants Ratings Firm to Relent on Troubled NationsMr. Barnier, rationalizer par excellence.
BRUSSELS—The European Commission is leaning toward proposing a ban on the issuing of sovereign credit ratings for countries in bailout talks, a top official said on Thursday.
"I think it's legitimate to have a special treatment when a country is in negotiation or is covered by an international solidarity program with the IMF or a European solidarity" program, said Michel Barnier, European internal market commissioner.