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That’s what entering the Euro did. It worsened our ability to print money and as a result, we are risky. However, we know S&P is an incompetent rating agency by their failure to predict the global financial crisis. The same rating agencies that gave Lehman a triple AAA on the day they went bankrupt.
ratings agencies are filth.
look what this and other countries have gone through to make themselves more competitive and lower their public expenditure. it suits them for us to have low rating as their clients will receive a higher return on their investment.
Banker: I will give 5 more years of political success (hyperinflated wages, pensions, social welfare) in exchange for your national electricity company
There is an unspoken but implicit part of the S&P statement – we won’t raise your ratings unless it’s in our financial interest to do so. Ratings agencies, in general, are biased and get it wrong more often than right, If they get it wrong you can be assured that they are benefiting from their “error”.
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