Egan-Jones Gives Sovereign Rating Downgrade For Germany

June 26, 2012 at 9:47 pm Leave a comment

24/7 Wall St.

You may not want to care any longer, but the implication is that you have to keep caring.  You will probably have to keep caring about this for years as European ratings go down the tubes.  The ratings agency Egan-Jones has now downgraded the sovereign credit rating of Germany.  The old “AA-” rating was cut to “A+” in the move today.

The assumption of supporting the Euro endlessly to country after country.  Fortunately the good news is that the market is giving this a low-impact value so far as Egan-Jones is being more critical than the larger ratings agencies.

  • iShares MSCI Germany Index (AMEX: EWG) is up by 0.4% at $18.78 on the day and the closed-end fund of New Germany Fund Inc. (NYSE: GF) ip up 0.2% at $13.09.
  • The Euro has dropped and the CurrencyShares Euro Trust (AMEX: FXE) is down $0.06 at $124.27.
  • Siemens AG (NYSE:…

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