Si les CDS étaient une agence de notation ...
Un tableau très intéressant qui compare la note donnée aux dettes publiques des États par les agences de notation et par les marchés de CDS. C'est édifiant...
| S&P Rating vs. CDS Implied Rating of European Sovereign Credit; Huge Flaws in the Bond Rating Methodology |
Index Universe via Mike Shedlock, 27/11/2010 (traduire en Français  ) |
| → lien |
| Ratings Key | | CDS-implied rating | S&P Domestic rating | Difference | |
| AAA | 1 | Denmark | AAA | AAA | 0 |
| AA+ | 2 | Finland | AAA | AAA | 0 |
| AA | 3 | Germany | AAA | AAA | 0 |
| AA- | 4 | Norway | AAA | AAA | 0 |
| A+ | 5 | Sweden | AAA | AAA | 0 |
| A | 6 | Switzerland | AAA | AAA | 0 |
| A- | 7 | Austria | AA+ | A | -1 |
| BBB+ | 8 | Czech Rep. | AA+ | A+ | 3 |
| BBB | 9 | Slovakia | AA+ | A+ | 3 |
| BBB - | 10 | Slovenia | AA+ | AA | 1 |
| BB+ | 11 | Netherlands | AA+ | AAA | -1 |
| BB | 12 | Estonia | AA+ | A | 4 |
| BB- | 13 | UK | AA+ | AAA | -1 |
| B+ | 14 | Poland | AA | A | 3 |
| B | 15 | Turkey | AA | BB+ | 8 |
| B- | 16 | France | AA | AAA | -2 |
| CCC+ | 17 | Russia | AA- | BBB+ | 4 |
| CCC | 18 | Belgium | BBB | AA+ | -7 |
| CCC- | 19 | Bulgaria | BB+ | BBB | -2 |
| | | Croatia | BB+ | BBB | -2 |
| | | Italy | BB+ | A+ | -6 |
| | | Lithuania | BB+ | BBB | -2 |
| | | Iceland | BB | BBB | -3 |
| | | Romania | BB | BB+ | -1 |
| | | Latvia | BB | BB | 0 |
| | | Hungary | BB- | BBB- | -3 |
| | | Spain | BB- | AA | -10 |
| | | Ukraine | B+ | BB- | -1 |
| | | Portugal | B | A- | -8 |
| | | Ireland | B- | A | -10 |
| | | Greece | CCC- | BB+ | -8 |
La France n'est que AA si l'on en croit les marchés plutôt que les agences...
Et les PIIGS, j'en parle même pas
