For those who are (inexplicably) shaken by S&P’s downgrade of the United States last week, and who only want to own debt of sovereigns with AAA ratings, here you go:
And don’t feel bad if Guernsey sends you to the CIA Factbook…it sent me there, too.
In finishing this up, I’ll note that the 10-yr US Treasury is ripping this morning, trading as I write at 2.40%. I guess the talk around the water coolers at S&P must be something like: “WTF? Don’t they believe us?” Answer: No, S&P, we don’t. And thanks for all your help circa 2005-2008 enabling the crisis in the first place. That won’t soon be forgotten. Nor will the defense of Lehman right up until the end.
Adding: No comment about S&P is complete without mentioning their complicity in rating GS’s Abacus deal AAA.