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Hence, accounting for the potential downgrading of immigrants in France does not alter their simulations quantifying the wage effects of immigration over the 1990 2000 period.
The breakdown of the French-Belgian Dexia Bank and the latest announcement of a potential downgrading by Moody's to lower France's top credit rating AAA confirmed this development.
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Mr. Gorman is in talks with Moody's about the potential downgrade.
"Bonds are seesawing on whether there still could be a potential downgrade," Mr. Cronje said.
Asked on Thursday about the size of a potential downgrade, Kraemer said it "really depends on the circumstances".
But the firm faces skepticism from investors and the prospect of a potential downgrade by Moody's, Bloomberg News reports.
In the run up to Moody's decision, many on Wall Street are questioning the wisdom of a potential downgrade.
Moody's and Standard & Poor's, two credit-rating agencies, put the firm on their watch lists for potential downgrades.
An outlook change refers to a potential downgrade in the medium term, whereas a review for downgrade brings forward any ratings action to a matter of months.
Moody's has now placed the UK rating on a "stable footing" but its rivals Standard & Poor's and Fitch have the country under review for a potential downgrade.
The nation's two largest credit-rating agencies added to the unease yesterday after Standard & Poor's listed 10 collateralized debt obligations, or C.D.O.'s, for a potential downgrade.
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