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We are downgrading on valuation as it has hit our £33 target price.
As a cautionary tale, he mentioned Greece, where profligate spending led to a huge budget deficit and a downgrading on financial markets.
It said if Salmond won next year's independence referendum, a currency union would expose the UK to greater risks from speculators and downgrading on financial markets.
The downgrading on Monday of the EFSF, the European stability fund supposed to ease the pressure on the eurozone, will not ease his dealings with Germany's chancellor Angela Merkel before the next summit.
Standard & Poor's, the rating agency, put the debt rating of Credit Suisse under review for a possible downgrading on Tuesday, saying "the incident raises significant questions about the adequacy of control" and "it is not clear why the year-to-date losses are so much larger than those in 2007".
Thanks to RHDV, the small mammals now recovering from the rabbit menace may qualify for downgrading on IUCN's "red list".
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Those guarantees now threaten to cost the insurers their sterling credit ratings; one, the FGIC Corporation, the fourth-largest, was downgraded on Thursday.
After weeks of of speculation, Standard & Poor's downgraded on Friday the credit rating of the United States by one notch, to AA+ from AAA.
Downgrade: 7 of 84 (8%) G3 tumours were downgraded on final pathology, with 6 reclassified as G2 and one reclassified as G1.
However, the JTWC downgraded Ma-on to a tropical depression on July 21 after the storm lost much of its convection.
You are one of first big financial executives to speak publicly since the debt downgrade on Friday.
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