France CDS Rate Exceeds Indonesia, Philippines: Chart of the Day
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France is “long overdue” in the eyes of investors to lose its top credit ratings as Europe’s sovereign debt crisis persists, according to Peter Boockvar, a Miller Tabak & Co. strategist.
Boockvar drew his conclusion from the rates on swap contracts that protect against defaults. French bonds are more expensive to insure than government debt from Indonesia and the Philippines, which both have non-investment-grade ratings, as he wrote yesterday in an e-mail.