Finland sole exception on AAA Euro area sovereigns. Cites it’s ‘relative insulation’ from the euro area and their net assets, small banking system.
Germany, Netherlands, Luxembourg outlooks from stable to negative. Cites rising uncertainty on euro area debt crisis in outlook revisions. Cites increased risks on increased likelihood of Greek euro area exit. Says burden helping other euro sovereigns would fall most heavily on more highly rated states. Says even without Greek exit , liabilities taken on by strongest states are rising.
Nice way to start the session . FYG euro came off about 20 points after the initial announcement.
