While it is highly unlikely that Treasury debt would ever be so downgraded that banks would have to sell their holdings or raise additional capital, any downgrade would be viewed very, very negatively by banks, insurance companies, pension funds and other institutions that now hold large quantities of Treasury bonds.
Bruckner gives the example of Veronica, who initially prefers to become an Olympic competitor in tennis, but after years of practice realizes that even though she is very talented at tennis, she will not achieve Olympic status, and so downgrades her aspirations and comes to prefer to be a local star, a change in preference that might occur behind her back and thus be non-autonomous (313).
We believe a true 're-set' is unlikely anytime soon, so downgrade to underweight.
No 2015 guidance has been given, but our initial analysis suggests a 15% or so downgrade to 2015 earnings per share.
Even so, Merrill Lynch downgraded the stock of Overture yesterday to buy from strong buy, citing competition from Google.
However, there remains a strong long-term doubt over his future at the club with his position so radically downgraded under Mourinho.
The issue is no longer whether this chancellor can admit his mistakes but whether the prime minister can now see that, with UK economic policy so badly downgraded in every sense, things have got to change.
So you downgrade the titles throughout your résumé to maintain consistency.
These agencies lost their credibility back in the 2008 crash, so the downgrading would not have mattered if the chancellor, George Osborne, had not promised to make its preservation a centrepiece of his economic policy.
Moody's Investors Service, an international rating agency, has upgraded the credit ratings of 38 Japanese firms so far this year, while downgrading only three.In the equity markets, too, there has been a gradual improvement.
