how long did it take canada to recover its AAA rating when it was downgraded?
 

10 years.


Standard & Poor's took away Canada's AAA rating on debt denominated in foreign currencies in 1992.

But Ottawa recovered the grade in 2002 after reducing government spending as a fraction of GDP by more than eight percent, through a series of stringent spending cuts.

Australia may be a harder example to follow. S&P removed Australia's AAA in 1986 and only gave it back 17 years later.

During that time Canberra adhered to strict budgetary discipline and even capped its debt, measured in Australian dollars, in 1997.

It also benefited from rapid growth and a broad transformation of its economy, modernizing its financial system and deregulating uncompetitive sectors. Meanwhile demand from a resurgent China drove a boom in the Australian mining industry.

when a country loses AAA, how do people get roadside assistance?

might be a good time to invest in a tow truck and start your own local business leveraging google local search and google map listings.. :thumbsup






.

dude.


most people do not realize that is covered in their insurance policy.

Call CAA, but it might take a while :Oh crap

Before the downgrade, 18 of the 19 AAA countries had universal health care.

Now that the US was downgraded, all AAA countries have universal health care.

Food for thought.

80% of credit reports contain an error
> source <

S&P just made an error we are still AAA with two other agencies :)

for now

well played.

damn, good find...

we didn't have a major financial crisis at all during all that either... So are the market jumps just fear driven?

it was under 10 years

Good call. We have Progressive and for the first time ever our truck broke down. We call Progressive and they sent a tow truck out to us, and they paid the bill. It was pretty cool really.

Yeah some food apples and oranges.

Those countries also don't have military bases on 150+ countries and are in 5 wars.

obama sad usa will be always AAA, dont care about drops...

not sure, i heard the head of the soveriegn nation group @ s&p mention this in an interview so i googled but came up with very little
i'd be interested in reading more about it all if you have some recommended links

:thumbsup

i took that to mean we are still a nation of good people kinda thing. could be wrong, but that's how i heard it.

:)

Hope USA will recover it in record time!

Wasn't just spending cuts.. There were tax hikes at times as well...

Egan-Jones downgraded the US as well... A Chinese rating agency downgraded the US. A German company downgraded US bonds.... And the other 2 "warned" the us that they would be downgraded in the future.

Story is here:
http://fullcomment.nationalpost.com/...ur-aaa-nation/

"Between 1995 and 1998, government (Canadian) spending was chopped by an impressive 14%. While some of the cuts, particularly to defence spending, had lasting negative effects, the overall effort saved the international community?s confidence in Canada as a safe place to invest. The result was that Canada?s federal debt-to-GDP ratio dropped from a whopping 70% (not much lower than where the United States is now) to under 30% in 2008."

The world is punishing us for the jackass way Americans are treating our president.

Idiots foaming at the mouth about a birth certificate and making America look like
some angry mob ready to storm the white house and kill the president.

The leader of congress vowed to fight against the president.


Who the fuck wants to invest in that kind of shit?

Right on:thumbsup

Why not just downgrade S&P?

Why in the fuck should a fucking corporation have so much power anyway?

:1orglaugh and whose lame ass fault might that be?

100 years of progressive foreign policies.

And currently it is Obama's and this congress's fault.

Well... it seems dyna mo didn't get the official GFY memo that only the USA has and has had financial problems.

You are beyond clueless.:1orglaugh