More credit downgrades in the euro zone are likely, Citi says, with "further downward ratings pressure on Portugal, Ireland, Spain and Italy later in 2012." It adds that following a Greek exit from the euro zone--Citi's base case--it is entirely possible that "both agencies--Moody's and S&P--undertake a 'blanket' reappraisal of generic European creditworthiness as they did in late-2011/early-2012. We expect agencies to view the Greek sovereign as 'in default' should Greece leave the euro."
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