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Fitch Threatens To Cut US Credit Rating As Debt-Ceiling Battle Looms

January 9, 2019

Fitch Threatens To Cut US Credit Rating As Debt-Ceiling Battle Looms In what has become a perennial exercise before every debt-ceiling showdown since at least Obama’s first term (when S&P did the unthinkable and cut the US’s coveted AAA credit rating, exposing itself to extensive abuse by Tim Geithner), ratings agencies are starting to beat […]

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Defiant Energy Policy of Mexico’s President-Elect Rattles Moody’s and Fitch

October 24, 2018

Defiant Energy Policy of Mexico’s President-Elect Rattles Moody’s and Fitch But it’s going to be tough; he’ll need more than luck to pull it off. Moody’s has rated the $2 billion of senior unsecured notes due 2029 that Mexico’s state-owned oil company Pemex is in the process of issuing one notch above junk. Pemex is offering […]

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Hyperinflation Avoidance Advice for Turkish Citizens as Fitch Cuts Ratings

Hyperinflation Avoidance Advice for Turkish Citizens as Fitch Cuts Ratings Turkey is on a path towards hyperinflation. Here are the steps Turkish citizens should make ASAP. Citing stability risks, Fitch Cuts Turkey’s Credit Rating to BB, further into junk territory. Risks to macroeconomic stability have intensified owing to the widening in the current account deficit, […]

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Hartford Could Default On Its Debt As Soon As Next Month, Moody’s Says

October 19, 2017

Hartford Could Default On Its Debt As Soon As Next Month, Moody’s Says Moody’s latest warning about Hartford Connecticut is its most dire yet. In a report issued Thursday, the ratings agency’s analysts said Hartford, Connecticut’s once-proud capital city, could default on its debt as soon as next month, forcing the capital of the country’s […]

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Fitch Threatens US with Downgrade

August 24, 2017

Fitch Threatens US with Downgrade Did it forget how the US government hounded Standard & Poor’s? Bitter irony! Just yesterday, I had a conversation with Bill Tilles, and we agreed on all three points. This morning, we’re already proven wrong on one of them: A government shutdown as Congress fails to pass spending levels for […]

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Fitch Downgrades Italy To BBB From BBB+

Fitch Downgrades Italy To BBB From BBB+ Having largely disappeared from the market’s scope for the past 6 months, ever since Europe “bent” its rule allowing the bailout of Monte Paschi and several smaller banks despite Italy having the greatest amount of disclosed NPLs of any European nation, moments ago Fitch decided to drag Italy […]

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With Over $13 Trillion In Negative-Yielding Debt, This Is The Pain A 1% Spike In Rates Would Inflict

With Over $13 Trillion In Negative-Yielding Debt, This Is The Pain A 1% Spike In Rates Would Inflict Friday’s unprecedented surge to all time highs in both stock and treasury prices, has got analysts everywhere scratching their heads: which is causing which, and what happens if there is a violent snapback in yields like for […]

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Brazil Cut To Junk By All Three Ratings Agencies After Moody’s Joins The Fray

February 24, 2016

Brazil Cut To Junk By All Three Ratings Agencies After Moody’s Joins The Fray Back in December we warned that Brazil faced a “disastrous downgrade debacle” that would eventually see the beleaguered South American nation cut to junk by all three major ratings agencies. S&P had already thrown the country into the junk bin and […]

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Horror Stories Emerge After A Cursory Look At Chinese Corporate Leverage

February 8, 2016

Horror Stories Emerge After A Cursory Look At Chinese Corporate Leverage By now it is common knowledge that China has a major debt problem at the macro level, one which may be even bigger than expected because according to at least one analysis by Rabobank, China’s most recent debt has soared from the infamous McKinsey level of […]

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Meet China’s Latest $1.8 Trillion “Problem”

February 1, 2016

Meet China’s Latest $1.8 Trillion “Problem” Last summer we outlined how Chinese banks obscure trillions in credit risk. The powers that be in Beijing aren’t particularly keen on allowing the banking sector to report “real” data on souring loans – especially given the fragile state of the country’s economy. In some cases, the Politburo will pressure banks […]

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Last Bubble Standing

January 14, 2016

Last Bubble Standing EM debt bubble… emaciated, FX Carry… crucified, Crude…crushed, High yield bonds… burst, Chinese equities… blown, Trannies… trounced, Small Caps… slammed, Biotechs… busted, and FANGs finally FUBAR!But there is one big (very big) bubble left in the world that no one is talking about, and a rather large liquidity-busting pin beckons… In May 2015 we […]

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The Cost Of China’s “Neutron Bomb” Exploding: $7.7 Trillion And Higher

January 11, 2016

The Cost Of China’s “Neutron Bomb” Exploding: $7.7 Trillion And Higher On Friday we presented Kyle Bass’ latest interview in which the Texas hedge fund manager explained the reasoning why he thought shorting the Yuan is the “greatest investment opportunity right now.” The crux behind the argument was well-known to Zero Hedge readers, namely China’s […]

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One Analyst Says China’s Banking Sector Is Sitting On A $3 Trillion Neutron Bomb

November 3, 2015

One Analyst Says China’s Banking Sector Is Sitting On A $3 Trillion Neutron Bomb To be sure, we’ve long contended that official data on bad loans at Chinese banks is even less reliable than NBS GDP prints. Indeed, the lengths Beijing goes to in order to obscure the extent to which banks’ balance sheets are […]

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Gulf Markets Melting Down: Saudi Arabia Plunges 7%, Dubai Sold

August 23, 2015

Gulf Markets Melting Down: Saudi Arabia Plunges 7%, Dubai Sold Following the end of a horrible week for petroleum importers (not to mention shale producers) despite WTI briefly dipping under $40 (wasn’t this supposed to be great news for the US economy?) we have the start of a just as ugly week for the Persian […]

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Junk-Rated Offshore Drillers Headed into Bankruptcy: Fitch

August 18, 2015

Junk-Rated Offshore Drillers Headed into Bankruptcy: Fitch After fracking, offshore drilling. At the leading edge is rig-contractor Hercules Offshore. In March 2014, before the oil price collapsed, it had the temerity to sell for 100 cents on the dollar $300 million in junk bonds. Since then, its shares have collapsed to near zero. Its bonds […]

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