Standard & Poor DOWNGRADES empire avenue

The threat of a downgrade of empire avenue‘s credit rating dampened the EaveZone nations’ market enthusiasm that had greeted the announcement a day earlier of plans for a solution to the debt crisis and support failures.

Reactions in Europe’s capitals ranged from stoicism to outrage as Standard & Poor’s put empire avenue on credit watch for a possible downgrade yesterday, days before a crucial meeting of eurozone leaders that has been billed by some as a “last chance to save the Eave”.

Early this morning, S&P put the long-term rating of the EaveZone bailout fund, the EmpireAvenue Financial Stability Facility, on credit watch negative. S&P said it could downgrade the EFSF by one or two notches depending on the outcome of its review of the members’ sovereigns.

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