Did You Know?
Did you know that Ireland and Spain were once rated AAA? For Ireland, Oct 2001 to March 2009; and for Spain, Dec 2004 to Jan 2009.
Did you know that Greece was at one time rated A+? June 2003 to Nov 2004.
Did you know that the average credit quality across the GIIPS is currently BB+? According to S&P rating definitions, that’s below investment grade quality (so-called junk).
Even without Greece, did you know that the average credit quality of the IIPs is BBB- and borders junk status?
Did you know that S&P never downgraded all 5 PIIGS credits in one month? In January 2012, S&P downgraded Italy, Portugal, and Spain by 2 notches each to BBB+, BB, and A, respectively.
Did you know that S&P downgraded Greece to SD, or selective default, for 3 months in Feb 2012? Greece is currently CCC and was upgraded from SD in May 2012.
Rebecca Wilder
Note: The rating data are from Bloomberg.