BBC News
December 5, 2011
Cynics would say it was the ultimate "counter-indicator". The US rating agency, Standard & Poor's has put 15 countries including Germany, France, the Netherlands, Austria, Finland and Luxembourg on "credit watch negative", on a day when many in the financial markets had started to believe that an end to the Eurozone crisis was now in sight.
Such an announcement would mean that there was a one in two chance that those countries would see their credit rating fall within 90 days.
Those same cynics would say it's a safe bet that the rating agency will turn out - once again - to be behind the curve. We just don't know whether it's today's optimistic curve - or the curve of Euro doom which markets have been on for some time.
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