PIIGS(B) UPdate: Portgual on CreditWatch w/Negative Implications

Are there other types of implications at the moment? Nice of S&P to hit SEND at about 10p EU time and SO the story continues …  

S&P: Portugal On CreditWatch: November 30th 

Standard & Poor’s is assessing the proposed EU treaty changes regarding the seniority of private-sector creditors. We are placing our ‘A-‘ long-term and ‘A-2’ short-term ratings on Portugal on CreditWatch with negative implications. 

Thanks again … you get the home – edition for playing along. For the what it’s worth – here’s another couple of spread visuals vs Germany, for drill. Portgual was only wider by about 3bps and we’ll more than likely update this in the a.m. 

 

IN case you care, here’s a snapshot of our PIIGS monitor from Bloomy so that we can note levels as of the end of NY trade and see what London does with these spreads when they wake UP: 

 

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