IMS Quarterly Summary...
April 2012
The first quarter of 2012 did not start particularly well with nine European countries, including France, receiving a cut to their ratings two weeks into the year. This left Germany as the sole remaining triple A rated sovereign in the region but there was a general understanding that the downgrades were inevitable and were therefore quite expected. Since the US downgrade last year there has been somewhat of a reassessment of the value of the rating system and the response, although initially negative, perversely provided a boost to markets.
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