The ratings agencies are a complete joke, the last to the party, and usually a contrarian signal, but the Fitch downgrade did cause some market volatility today. What concerns us more is that Moody’s has put Belgium on watch for a possible downgrade. Is France next? How they construct the banking recap/bailout is the key issue. More later on this. Stay tuned.
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Global Macro Monitor 
Belgium’s own rating is coming under pressure, as it undertakes bailout #2 of Dexia. So which European banks are most exposed to Belgian sovereign debt? http://bit.ly/oyZZtk