Is hockey-masked killer Jason Voorhees the new President of Standard & Poor’s Ratings Services? It would seem so, as on this day, Friday the 13th, it was reported that S&P is downgrading the credit ratings of 5 European nations.
In a decision that is expected to be announced around 4:30pm EST, S&P will
- Downgrade France one notch, from AAA to AA+
- Downgrade Austria one notch, from AAA to AA+
- Downgrade Italy to BBB+
- Downgrade Spain two notches
- Downgrade Portugal two notches
Officials say that Germany, the Netherlands, Finland, and Luxembourg will keep their AAA ratings intact.
The euro fell more than 1 per cent to a 16-month low against the US dollar; US stocks are down in reaction to the slashing; obviously not huge fans of horror movies. (And what is the world economy if not one unstoppable horror franchise?)
Said French Finance Minister François Baroin:
“It’s not good news, but it is not a catastrophe. It is not the ratings agencies that dictate the policy of France.”
Hmm, sounds suspiciously like the countless police, camp counselors, and teenage campers who refused to believe that the local woods slasher is still alive and kicking.