London, 29 November 2013
Moody’s Investors Service has today upgraded Greece’s government bond rating to Caa3 from C. The outlook on the rating is now stable. The short term ratings remain Not Prime (NP).
London (Standard & Poor’s) November 8, 2013
Standard & Poor’s Ratings Services lowered its unsolicited long-term foreign and local currency sovereign credit ratings on the Republic of France to ‘AA’ from ‘AA+’. At the same time, we affirmed our ‘A-1+’ short-term ratings. The outlook is stable.
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From 2009 to 2012, average real income per family grew modestly by 6.0% (Table 1) but the gains were very uneven. Top 1% incomes grew by 31.4% while bottom 99% incomes grew only by 0.4%. Hence, the top 1% captured 95% of the income gains in the first two years of the recovery.
The top percentile share declined during WWI, recovered during the 1920s boom, and declined again during the great depression and WWII. This very specific timing, together with the fact that very high incomes account for a disproportionate share of the total decline in inequality, strongly suggests that the shocks incurred by capital owners during 1914 to 1945 (depression and wars) played a key role. Indeed, from 1913 and up to the 1970s, very top incomes were mostly composed of capital income (mostly dividend income) and to a smaller extent business income, the wage income share being very modest.
The evidence suggests that top incomes earners today are not “rentiers” deriving their incomes from past wealth but rather are “working rich,” highly paid employees or new entrepreneurs who have not yet accumulated fortunes comparable to those accumulated during the Gilded Age.
Fitch Ratings, London 12 July 2013
Fitch Ratings has downgraded France’s Long-term foreign and local currency Issuer Default Ratings (IDR) to ‘AA+’ from ‘AAA’. The Outlook is Stable. At the same time, the agency has affirmed France’s Short-term foreign currency IDR at ‘F1+’ and the Country Ceiling at ‘AAA’.
Standard & Poor’s, 9 July 2013
- We have lowered our unsolicited long-term sovereign credit rating onItaly to ‘BBB’ from ‘BBB+’.
- The rating action reflects our view of the effects of further weakening growth on Italy’s economic structure and resilience, and its impairedmonetary transmission mechanism.
- The outlook on the long-term rating is negative.