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S&P downgrades Greece by two notches

Standard & Poor’s has downgraded Greece’s debt rating from CCC to CC, a move which places the country just two notches above default.

The ratings agency has also moved its outlook on Greece to negative, citing the restructuring plan as a selective default.

S&P says: “The proposed restructuring of Greek government debt would amount to a selective default under our rating methodology. We view the proposed restructuring as a ‘distressed exchange’ because, based on public statements by European policy makers, it is likely to result in losses for commercial creditors.”

Moody’s downgraded Greece by three notches on Mondya, while Fitch ratings agency also cut Greece’s rating by three levels on July 13, 2011.


Advisers welcome Treasury U-turn on RPI-linked annuities

Advisers have welcomed the Treasury’s abrupt U-turn on plans to prevent savers using RPI-linked annuities without a floor to meet the minimum income requirement for flexible drawdown. In May, Money Marketing revealed that tens of thousands of savers with index-linked annuities offering no protection against deflation would not be able to use these assets to […]

Why the RDR must be delayed

The retail distrib-ution review comes into force on January 1, 2013. At about the same time, the successor to the FSA, the Financial Conduct Authority, will open its doors to business and will be responsible for regulation in the period following the implementation of the RDR. If the FCA was simply the FSA under a […]


High-earners could face auto-enrol tax bills

The Government is facing calls to allow high-earners to permanently opt out of automatic enrolment due to concerns that some could face six-figure tax bills if they inadvertently void their fixed protection. The lifetime allowance for tax-privileged pension saving will be cut from £1.8m to £1.5m from April 6, 2012. Investors are able to lock […]

Advisers support plan to link Isas and pensions

Advisers have backed Government plans to link Isas and pensions, although concerns remain about Nest’s ability to cope with any potential reforms. Last week, Money Marketing revealed Treasury officials will open discussions with the industry on the practicalities of linking Isas and pensions in the coming weeks. A Treasury email, seen by Money Marketing, reveals […]

Nobody expects the Spanish Inquisition

Paul Fidell, Head of Business Development (Investments), writes about one of the primary challenges for those involved in estate planning. He looks at dealing with investment uncertainty in these low growth, low inflation but still volatile investment conditions. Protection of capital, to leave something for beneficiaries, is a fundamental objective of many people’s plans for […]


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