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An analysis by Exotix, a research group, found that peripheral European nations have ratings six notches higher than emerging economies with similar financial conditions.The commission's paper is part of an ignoble tradition of "shooting the messenger".
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Standard & Poor's rates Spain two notches higher at BBB+ with a negative outlook.
Today's action did not affect the foreign-currency rating; at Aa1 with a stable outlook, it is two notches higher than that for yen debts.
An "unlimited-tax general obligation bond," for instance, might be rated one or two notches higher than a "limited tax" version of the same bond.
Bank of America's ratings, for example, remain five notches higher on the Moody's scale than they would be without government backing.
But New York's rating could fall at the hands of S.& P. and Fitch, which put it three notches higher, at AA, the equivalent of an Aa2 rating from Moody's.
Bank of America's Aa3 rating, for instance, sits five notches higher than it would without the implied government backing, according to Moody's.
The ratings agency said it had hired law firm Sullivan & Cromwell to conduct an investigation into why the coding error in a computer model caused the products to be given a rating four notches higher than they should have.
Today it still has a AA rating, one notch higher than Japan's.
Goldman, whose rating is A3, and JPMorgan Chase, whose rating is one notch higher at A2, declined to comment.
The credit rating on the insured bank is one notch higher than on Goldman's parent company because the subsidiary has the backing of the government.
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