Who died and made Moody's Gawd?

Moody’s Rating Agency – Spain Public Deficit Cut Proposal Credible

Moody’s rating agency has confirmed their support for Spain’s Austerity Plan 2010-2013, stating that measures outlined are credible and reinforces the country’s Aaa rating.

Spain recently delivered its new plan that aims to cut the country’s public deficit from its current level of 11.4% of gross domestic product (GDP) to 3% of GDP by 2013. These measures will bring the deficit back in line with European Union directives and enable the government to regain control by substantially reducing central government spending.

The confidence in the Aaa rating is good news for the country which has seen a deluge of scepticism about its economic recovery. It should also bolster confidence amongst investors who may be considering Spain for potential investment opportunities.

The rating assesses long-term obligations, “the possibility that a financial obligation will not be honoured as promised”, reflecting the likelihood of financial loss or default. The Aaa investment rating is the highest and grades Spain to be “of the highest quality with minimal credit risk”.

Regarding Spain’s economic recovery, Moody’s said, “The economy will not bounce back to the 3.25 percent to 4 percent growth rate it averaged in the last cycle, it will nevertheless average a more moderate, but still respectable 2 – 2.25 percent pace of growth once the excess supply from the construction cycle has been eliminated”.

http://www.livingstone-estates.com/blog/uncategorized/moody%E2%80%99s-rating-agency-%E2%80%93-spain-public-deficit-cut-proposal-credible/

Wasn't it Moodys who was stamping MBS's filled with toxic subprime mortages triple AAA?

I seem to remember something about that. A complete failure of a ratings agency filled with corruption?

The Almighty Dollar is Gawd, and Moody's is Its faithful servant.

Get your theology straight!

;-)