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Small rating agency downgrades Germany
Tuesday - 6/26/2012, 3:43pm EDT
BERLIN (AP) - Egan-Jones credit ratings agency says it has downgraded Germany by one notch from AA- to A+ and has issued a negative watch for the country's sovereign debt amid Europe's lingering debt crisis.
The U.S. company cited Germany's implicit debt stemming from different mechanisms stabilizing the 17-nation eurozone as the main reason for its decision.
The world's top three rating agencies _ Moody's, Standard & Poor's and Fitch _ give Germany their best rating and have not questioned the AAA for Europe's biggest economy.
Most investors consider Germany's sovereign debt to be a safe haven, significantly driving down the yields and making it cheap for Germany to borrow new funds. Recently a short-term debt auction even brought negative yields, meaning investors paid Germany to take their money.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)