Moody’s Refuses To Junk Spain Ahead Of US Election, Raffirms Baa3 Rating – Full Text

from Zero Hedge

For those who are curious why Tim Geithner has been invisible in the past 2 months, the answer is he has been manning the phones like a true patriot, and making sure nobody dares to rock the European boat ahead of the US election (as was already disclosed), in this case exemplified by Moody’s just released announcement that the rating agency will not downgrade Spain to junk, soaring debt, collapsing GDP and laughable unemployment rate notwithstanding (unless of course the ECB fails in its mission to scare all shorts from approaching within 10 miles of an SPGB, and Spain loses private market access again, in which case Moody’s would proceed with a “multiple notch downgrade”). At least not until the US election that is. After that… well, with the fiscal cliff, debt ceiling, Greece vs Troika, etc, etc, buy VIX.

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