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27.4.2010
Analysis: Contagion Fears Grow As S&P Acts On Greece, Portugal
IMN; Standard & Poor's ratings agency Tuesday lowered Portugal's credit ratings by two notches and, in a separate announcement, said it was lowering Greece's rating to junk status of a BB+ from BBB+ with a negative outlook.
"The two-notch downgrade reflects our view of the amplified fiscal risks Portugal faces," said Standard & Poor's credit analyst Kai Stukenbrock. "We expect the Portuguese government could struggle to stabilize its relatively high debt ratio over the outlook horizon until 2013." - slóð
FT; S&P cuts Portugal’s ratings two notches to A- slóð
23.4.2010
Greece, The IMF, And What Comes Next
(By Peter Boone and Simon Johnson) The five year Portuguese yields rose from 3.84% to 4.26%. The five year Spanish bonds rose from 2.89% to 3.03%, and the five year Irish bonds rose from 3.74% to 3.97%. These are not minor moves for investment grade sovereign bond funds. This kind of change means, for example (and roughly), you lose 0.5% on the value of a bond in one day. These are bonds that just pay 3% per year – and one such day may be enough to cause “investment grade investors” to decide not to stay involved and not to come back for a long while:
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