Report
Two problems with euro-zone countries’ sovereign credit ratings
Euro-zone countries’ sovereign credit ratings, as calculated by the rating agencies, suffer from two problems: There is a downward trend in the average rating; what matters is how a rating relates to the average, not its absolute level; The public debt ratio that is used to determine the rating does not distinguish between the public debt that is held by the ECB and the rest of the public debt, when only the latter has an effect on fiscal solvency.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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