Credit is ever so personal, and ultimately it's your responsibility -- but it's not solely about you. Your state's creditworthiness can impact you too. For that reason, CardRatings.com's recently released rankings of the 10 Best and Worst States for Consumer Credit is worth a look-see.
Standard & Poor's downgraded Ireland's debt rating by one notch on Wednesday due to concerns over possible increased capital requirements by the country's banks.
Standard & Poor's is revamping its credit rating methodology for banks and financial institutions in a way that may cause about 40% of rated banks to get a downgrade, The Wall Street Journal reported Tuesday.
Standard & Poor's lowered the credit ratings for AT&T and Verizon Communications on Monday, saying that increased competition will make it harder for the two largest phone companies to pay down their long-term debt.
Portugal's credit rating may be on its way down. Standard & Poor's warned Tuesday that a downgrade may be coming based on the government's failure to create policies that will boost productivity and cut the country's deficit.
Moody's Investors Service cut Spain's top credit rating by one level to Aa1 from Aaa with a stable outlook. The agency cited a "weak" economic outlook and doubts that the nation will reach deficit-reduction targets.
Moody's is reviewing 10 large regional banks for possible downgrades because it thinks financial reform means total government support is now less likely. That's setting off a debate about whether those banks will actually take a hit to profitability.
Citing the country's "wealthy and diversified economy, ample fiscal and monetary policy flexibility" and other factors, S&P affirmed the U.K.'s sovereign credit ratings Monday. However, it also maintained the negative outlook it has had since May 2009.
The Senate is moving to end the ability of financial institutions to choose the credit rating agencies that rate their investment products, with two amendments to the financial reform bill that could force banks and others to vouch for their own offerings.
The Securities and Exchange Commission is set to release a major new regulatory proposal -- some 600 pages long -- aimed at reining in the $2.1 trillion asset-backed securities market that played such a prominent part in sparking the financial crisis.
Bond sales surged 41% to $1.2 trillion last year as companies rushed to take advantage of thawing credit markets. That means demand for ratings has also boomed, and both Moody's and S&P delivered solid results recently. But that doesn't mean all the damage to their names has been undone.
