S&P Downgrades Belgium

Belgium became the latest in a string of countries facing ratings downgrades as Europe's crisis spreads.

http://money.cnn.com/2011/11/25/markets/belgium_downgrade/?hpt=ibu_c2

Group Members:杨燕妮李少凡钱丹丹

Presenter:钱丹丹

December 1

S&P Downgrades Belgium

Credit rating agency Standard & Poor's downgraded Belgium Friday as the sovereign debt crisis continues to spread across the continent.

The rating change put Belgium's rating down one notch to AA. That's the S&P's fourth-highest rating is still investment grade. But the rating agency warned it is considering further cuts, assigning it a negative outlook.

S&P Downgrades Belgium

S&P cited "renewed funding and market risk pressure" in the downgrade announcement.

Worries about the European economy falling into a new recession and what it means to Belgium's budget situation were also cited by the agency.

S&P Downgrades Belgium

• S&P says it expects Belgium's debt will equal about 93% of its gross domestic product at the end of this year and could soon top 100%.

• Borrowing costs in Belgium have been trending higher, as they have in many other Euro zone nations.

S&P Downgrades Belgium

Belgium has gone more than a year since its last parliamentary elections without being able to form a government, a fact that S&P also cited in its concern about its ability to address the looming budget problems.

Belgian Finance Minister said S&P's downgrade just reinforces the need for Belgium to finalize its 2012 budget.

Words and Expressions

downgrade ：降级reinforce : 加强，加固，强化E.g.

•Price increases are bound to reinforce

conservation. 价格上涨也会增强节约意识 。•We hope that you will take measures to reinforce

this sort of carton with iron straps.

我们希望你们采取措施用金属条加固这种纸板箱。

notch: 等级（ n. ）； 赢得；用刻痕计算；在…上刻凹痕 (vt.)

Standard & Poor’s: 标准普尔投资者服务公司Credit rating agency ：信用等级评级机构sovereign debt ：主权债investment grade ：投资级别Borrowing costs ：借贷成本借贷费用parliamentary elections ：议会选举

Standard & Poor'sStandard & Poor‘s (S&P)( 标准普尔 ) is a United

States-based financial services company. It is a

division of The McGraw-Hill Companies （麦格劳•希尔公司） that publishes financial research

and analysis on stocks and bonds. The company is

one of the Big Three credit-rating agencies （信用等级评定机构） , which also include Moody’s

Investor Service （穆迪投资者服务公司） and

Fitch Ratings （惠誉评级公司） . Its head office is

located on 55 Water Street in Lower Manhattan,

New York City.