S&P’s German ‘climb-down’


Standard & Poor’s has again incurred the wrath of Germany’s political establishment, with the rating agency being forced into what market participants are describing as a humiliating climb-down. The agency has already had run-ins with German politicians over its decision to downgrade a number of German companies because of their unfunded pension liabilities.

And then in mid-November, S&P announced its intention to give the German Landesbanks hypothetical ratings for debt issued after

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