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- Moody's downgrades to Baa2 from A3 the outstanding GOLT (General Obligation Limited Tax) rating on Wayne County (MI); Outlook revised to stable from negative. Baa2 rating affects $445 million of outstanding GOLT debt.
"Following the EU Summit on 9-10 December, Fitch has concluded that a 'comprehensive solution' to the eurozone crisis is technically and politically beyond reach. Despite positive commitments by EU leaders at the Summit, notably the decision to accelerate the creation of the European Stability Mechanism (ESM) and to place less emphasis on private sector involvement (PSI), the concerns held by Fitch prior to the Summit remain pressing and have not been materially eased by the Summit outcome (also see, 'Summit Does Little To Ease Pressure on eurozone Sovereign Debt,' 12 December). Of particular concern is the absence of a credible financial backstop. In Fitch's opinion this requires more active and explicit commitment from the ECB to mitigate the risk of self-fulfilling liquidity crises for potentially illiquid but solvent Euro Area Member States (EAMS)."
- Downside Risks Cloud Brazil's 2012 Growth Outlook (12/13/2011)