Noyer says rating firms should cut UK
Friday 16 December 2011 - by Will.Henley@gfsnews.com
The Frenchman pointed to the UK's high national debt, inflation and slow growth to say that his country was in a better position, and so should not first face a credit cut.
Fitch blamed the bank's "exposure to the eurozone's problems, the impact on funding of capital markets that are not functioning effectively, and only adequate capital ratios compared with highly rated peers".
In its statement last week, Moody's blamed its downgrades on "deteriorating macro fundamentals" as well as limits on bank funding. Each of the banks was given a negative outlook, indicating that Moody's believes the situation could worsen in the future.
Just hours earlier the European Banking Authority said it had identified a capital shortfall of €7.3bn across France's credit institutions, which they will have to make up to meet a new 9 per cent EU-wide capital requirement.
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