Ratings Agencies Behind the Curve on European Downgrades
On February 13, Moody’s downgraded or lowered its outlook on multiple European Union countries, following similar moves by Standard & Poor’s and Fitch Ratings. Surprisingly, an event that might have sent markets into a tailspin three months ago caused barely a ripple in volatility. Why not? Because the European Central Bank is now supporting the euro-zone banking system, sending a positive message that overrides bad reviews from the ratings agencies.
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