The New York Times (July 13)
As BP inches toward stopping the massive oil leak in the Gulf of Mexico, the New York Times examines BP’s past performance. The newspaper draws a harsh conclusion. “In pursuit of growth and profits, BP has taken monumental risks and suffered the consequences. But its record shows that it has been unable or unwilling to learn from its expensive mistakes.”
The Telegraph (July 12)
Dagong Global Credit Rating Co tossed its hat into the ratings ring, offering very different ratings than Fitch, S&P or Moody’s. Dagong is painting “a revolutionary picture of creditworthiness around the world,” exclaims the Telegraph. The Chinese rater puts Norway, Denmark, Switzerland, Australia, New Zealand and Singapore at AAA; China, Germany, the Netherlands and Canada at AA+; the U.S. at AA; Britain and France at AA-; and Belgium, Spain and Italy at A-. Meanwhile, another silent revolution has taken place. Emerging countries now hold $6.3 trillion or 75% of the world’s reserves.
Tags: Creditworthiness, Dagong, NRSROs, Sovereign debt
