France set to lose triple-A rating

Submitted by TREND Technical... on Fri, 01/13/2012 - 09:20

 

 

(MarketWatch) -- Ratings agency Standard & Poor's is set to announce later on Friday that it has cut France's coveted triple-A rating, undermining euro-zone efforts to solve a persistent sovereign debt crisis, according to media reports on Friday.

French news agency Agence France Presse, citing an unnamed government source, reported on its website that S&P had already informed the French government of the move. Neither the rating agency nor the French finance ministry would comment, AFP reported.

Austria was also set to be downgraded, but Germany and the Netherlands, two other euro-zone countries, were not to be downgraded.

The euro fell to session lows after the report and recently traded at $1.2673, down 1.1%.

TTT comment : Meanwhile, our U.S. dollar long position hits new highs and The Trend Letter euro short position hits new lows.  http://www.thetrendletter.com/node/970