Moody's Downgrades Japan Debt Rating

[LuvNewcastle]

http://www.france24.com/en/20110824-moodys-downgrades-japan-debt-rating?ns_campaign=nl_quot_en&ns_mchannel=email_marketing&ns_source=NLQ_20110824&f24_member_id=&ns_linkname=node_5236357&ns_fee=0

Reuters - Moody's Investors Service cut its rating on Japan's government debt by one notch to Aa3 on Wednesday, blaming large budget deficits and a buildup of debt since the 2009 global recession.

The ratings agency also warned that frequent changes in Japan's government have hampered its ability to tackle the problem of bulging debt as Tokyo prepares for its sixth leader in five years.

"Over the past five years, frequent changes in administrations have prevented the government from implementing long-term economic and fiscal strategies into effective and durable policies," Moody's said.

Unpopular Prime Minister Naoto Kan confirmed on Tuesday he would step down as head of the ruling party within the week.

[Monk06]

1. The ratings agencies are shakedown artists. They are just an international protection racket.

Pay us for a positive rating or we'll burn down your house.

Ratings agencies should be panned like any other bunko racket.

[Art_from_Ark]

3. You are sooooooooo right

After all the shit they've done, why does anyone even give these jackasses the time of day?

http://www.bnet.com/blog/financial-business/bad-credit-how-s-p-moodys-and-fitch-helped-cause-the-housing-bubble/5062

[xchrom]

2. Recommend

[Art_from_Ark]

4. You know what makes this "downgrade" even more screwed up?

Japan is having to deal with a triple megadisaster this year which in monetary terms is the most costly disaster in history. And yet the Japanese are pulling through this as well as anyone could. And Moody's has the gall to say that Japan needs to cut its domestic spending in the middle of the rebuilding effort! What a bunch of assholes!