Egan-Jones cuts Germany on exposure to euro zone
6/26/12 3:19 PM ET (MarketWatch)Print
SAN FRANCISCO (MarketWatch) -- Egan-Jones Ratings on Tuesday lowered Germany's sovereign rating on expectations that the country will be left with significant uncollectable receivables due to its exposure to the euro zone. "Egan-Jones Ratings has downgraded Germany from 'AA-' to 'A+' and has issued a negative watch with a projected rating of 'A-,'" said Sean Egan, managing director of Egan-Jones, in emailed comments. The ratings agency noted that Chancellor Angela Merkel is fighting a losing battle in resisting calls for EU bonds and pushing for fiscal controls. "Germany is likely to be outvoted by other ECB members and therefore will have greater prospective exposure," said Egan-Jones.
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