How Late was S&P’s Downgrade of Belgium?

Consider New Zealand:

To highlight how late the S&P call was on Belgium and the catch up to the markets they are doing, even as they were a step ahead of Moody’s and Fitch, Belgium with now a AA rating has the same credit rating as New Zealand. However, Belgium 5 yr CDS is trading 410 bps and New Zealand is only at 107 bps. Also, Belgium’s 10 yr yield is at 5.86% vs 3.96% in New Zealand.

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