segunda-feira, 16 de janeiro de 2012

A Standard & Poor’s Anda a Enganar os Mercados Financeiros Internacionais a Favor de Portugal

Toda a gente diz que as agências de rating andam a prejudicar Portugal. O caso mais recente foi o da Standard & Poor's que baixou o rating do país de BBB para BB
Acontece que se passa precisamente o contrário, a SP está a beneficiar Portugal, pelo menos atendendo aos critérios da SP para as classificações abaixo de A até R:
BBB: An obligor rated 'BBB' has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.
BB: An obligor rated 'BB' is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions, which could lead to the obligor's inadequate capacity to meet its financial commitments.
B: An obligor rated 'B' is more vulnerable than the obligors rated 'BB', but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments.
CCC: An obligor rated 'CCC' is currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.
CC: An obligor rated 'CC' is currently highly vulnerable.
R: An obligor rated 'R' is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favor one class of obligations over others or pay some obligations and not others. Please see Standard & Poor's issue credit ratings for a more detailed description of the effects of regulatory supervision in specific issues or classes of obligations.

Atendendo aos critérios citados, não se percebe como Portugal pode estar atualmente classificado nos Bs. A partir do momento em que o FMI e o BCE intervieram em Portugal, o rating deveria ser R.
Portanto, o melhor é continuar a fazer o que sabemos fazer melhor: lamuriar e carpir; continuar a ocupar os sentidos dos investidores através dos noticiários das tv's e dos jornais com reafirmações da nossa bondade e da maldade da SP, não lhes dando oportunidade de investigar e perceber que andam a ser enganados pelas agências de rating.

Sem comentários: