9 July 2013, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/2013-07-09/sp-downgrades-italy-bbb-bbb-full-puffery-statement

Just more meangingless drivel form a clueless, paid for rating agency (which recently disclosed it would plead "puffery" in its defense against the US lawsuit) now that the ECB is intent on actually lowering the EURUSD, because unlike last year, there is no (immediate) fear of redenomination risk as a result of a sliding EURUSD. Thank you Japanese carry trade.

As a reminder, "S&P said in its request to dismiss the case that the government can’t base its fraud claims on S&P’s assertions that its ratings were independent, objective and free of conflicts of interest because U.S. courts have found that such vague and generalized statements are the kind of “puffery” that a reasonable investor wouldn’t rely on."

So, if anyone cares what today's puffery is all about, here is the full statement: http://www.zerohedge.com/news/2013-07-09/sp-downgrades-italy-bbb-bbb-full-puffery-statement


Also see Reuters:

S& P cuts rating for Italian bonds to BBB, outlook negative http://www.reuters.com/article/2013/07/09/italy-ratings-sandp-idUSEMN1IO99420130709