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Meanwhile, the downgraded outlook for Japan again spotlighted the huge debt levels in many of the world's developed economies.
Deflationary fears stalked the markets as the Swedish central bank cut interest rates further into negative territory, in response to its freshly downgraded outlook for domestic inflation.
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After the markets closed in New York, Moody's downgraded its outlook on Italian government bonds.
Moody's, a credit-rating agency, downgraded its outlook for the South Korean economy from "positive" to "negative".
Moody's, a ratings agency, recently downgraded its outlook on Singapore's banks from "stable" to "negative".
Standard and Poor's, a credit-rating agency, has downgraded its outlook for the island from "stable" to "negative".
Two Chinese ratings firms, China Chengxin and United Credit Ratings, have downgraded their outlook on the company's finances, citing mounting debt.
And the Federal Reserve downgraded its outlook for the U.S. economy, and signaled little appetite for raising interest rates.
Standard & Poor's downgraded its outlook for Hong Kong's local-currency credit rating to negative from stable on Thursday.
Moody's also downgraded the outlook for the Limited, parent company of Express, and is reviewing Gap's credit.
HOLLISTER: For reasons not at all tied to the economy, both Standard & Poor's and Moody's this past year have "downgraded" their outlook for higher education.
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