S&P says a message error was sent out regarding France rating change

Discussion in 'Wall St. News' started by ASusilovic, Nov 10, 2011.

  1. Below just went by. This keeps up you can definitively kiss the euro goodbye:

    "German, French Bonds Spread Hits Record Wide Of 170 BPs

    PARIS (AFP) -- The spread between German and French 10-year government bond rates touched a historic high of 170 basis points on Thursday amid fears the euro zone debt crisis is spreading fast.

    The wide gap in the cost of borrowing between the single currency bloc's two biggest economies reflects worries that France may join Italy and Greece in struggling to fund its debt while German bonds are highly sought after as a safer bet for nervous investors.

    (END) Dow Jones Newswires
    11-10-11 1221ET
    Copyright (c) 2011 Dow Jones & Company, Inc."
  2. C6H12O6


    Here’s the statement from S&P:
    As a result of a technical error, a message was automatically disseminated today to some subscribers of S&P’s Global Credit Portal suggesting that France’s credit rating had been changed.

    This is not the case: the ratings on Republic of France remain ‘AAA/A-1+’ with a stable outlook, and this incident is not related to any ratings surveillance activity. We are investigating the cause of the error.

    I'm curios, how much do the "subscribers" pay S&P to have information before the others ?
    And since it moves the market, is it legal ?