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UK loses top AAA credit rating for first time since 1978

  • 22-02-2013 10:47pm
    #1
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭


    Time to pay down those debts!
    http://www.bbc.co.uk/news/business-21554311

    Interesting
    In his Autumn Statement in December, Mr Osborne acknowledged public finances were taking longer to rectify than planned, and admitted he would be forced to extend austerity measures by at least another year.

    Germany and Canada are the only major economies to currently have a top AAA rating - as much of the world has been shaken by the financial crisis of 2008 and its subsequent debt crises.

    So AH, have you been austeritising and will you lose your AAA rating? :)


Comments

  • #2
    Fannyhead
    Banned (with Prison Access) Posts: 85 ✭✭Fannyhead


    Who gives a shit about the UK tbh.


  • #3
    Freddy Smelly
    Registered Users, Registered Users 2 Posts: 980 ✭✭✭Freddy Smelly


    who gives a **** about moodys and co.

    we should all just downgrade moodys to junk status and get on with life


  • #4
    El Guapo!
    Registered Users, Registered Users 2 Posts: 12,438 ✭✭✭✭El Guapo!


    Dunno how I'm gonna sleep tonight now.


  • #5
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    El Guapo! wrote: »
    Dunno how I'm gonna sleep tonight now.

    Money worries? :D


  • #6
    Cavehill Red
    Registered Users, Registered Users 2 Posts: 6,109 ✭✭✭Cavehill Red


    From the people who were still rating Enron as investment grade three days before they went belly-up.
    Credit ratings agencies lost all credibility years ago. At this point, the only remaining thing required of them is for them to admit culpability in the financial crash of 2008 and go to jail.


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  • #7
    sfwcork
    Banned (with Prison Access) Posts: 1,203 ✭✭✭sfwcork


    I dont think ive ever been so worried


  • #8
    [Deleted User]
    Posts: 31,118 ✭✭✭✭ [Deleted User]


    Well the AA still sort out breakdowns, the AAA do that in America!


  • #9
    Standard Toaster
    Registered Users, Registered Users 2 Posts: 10,288 ✭✭✭✭Standard Toaster


    https://www.youtube.com/watch?v=45cuzB6GZF4


  • #10
    Freddy Smelly
    Registered Users, Registered Users 2 Posts: 980 ✭✭✭Freddy Smelly


    Deleted User wrote: »
    Well the AA still sort out breakdowns, the AAA do that in America!

    no the AA here only deal with drunks :P

    AAA here are just batteries


  • #11
    admiralofthefleet
    Closed Accounts Posts: 15,515 ✭✭✭✭admiralofthefleet


    ah no. are there any more chipsticks?


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  • #12
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    admiralofthefleet wrote: »
    ah no. are there any more chipsticks?

    No, there have been cutbacks :)


  • #13
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    It doesnt make a huge difference to companies. Its non-euro which immediately attractive. Its still AA. Like there is pretty much zero chance of default.

    The credit rating agencies since they labelled sub prime loans as AAA grade will give any reason to lower a credit rating. But even when a country gets their finances under control moodys has little desire to increase their credit rating


  • #14
    [Deleted User]
    Posts: 31,118 ✭✭✭✭ [Deleted User]


    The currency traders had already factored in this downgrade, that's why the pound has dropped so sharply over the past couple of weeks.

    Chances are it will have little affect next week, after a bit of "sucker punching".


  • #15
    padd b1975
    Registered Users, Registered Users 2 Posts: 10,839 ✭✭✭✭padd b1975


    gurramok wrote: »
    will you lose your AAA rating? :)
    That ship sailed some time ago!


  • #16
    Lumbo
    Registered Users, Registered Users 2 Posts: 2,113 ✭✭✭Lumbo


    Fannyhead wrote: »
    Who gives a shit about the UK tbh.

    Irish exporters


  • #17
    [Deleted User]
    Posts: 31,118 ✭✭✭✭ [Deleted User]


    Lumbo wrote: »
    Irish exporters
    About 30% of Irish business is with the UK.


  • #18
    petersburg2002
    Closed Accounts Posts: 346 ✭✭petersburg2002


    UK borrows £14million per hour, 24/7, 365 days of the year. That's a lot of dosh. And yet they can still throw us a few billion in bailout funds.


  • #19
    youreadthat
    Registered Users, Registered Users 2 Posts: 761 ✭✭✭youreadthat


    Bad news for the Tories and Osborne, but they've lost the next election anyway. Doesn't change much for the UK though.


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