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On S&P country credit ratings, see FT and S&P - conventional wisdom : why we should care by Agnes a Paris on March 28th, 2006
S&P sets the sovereign rating of almost each country in the world, and a country that has no rating can hardly tap international finance markets. France, UK, the US, like most OECD countries, are AAA rated, which is the highest rating on a AAA to D scale.
If the rating of a country is downgraded by even one notch (for France it would be AAA-, this immediately triggers investor suspicion, money fleeing the country and increases cost of government debt raising.


A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Sun Sep 21st, 2008 at 01:11:13 PM EST
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