Standard and Poor on the Irish property market? Irrelevant

Standard and Poor on the Irish property market? Irrelevant

Standard and Poors is a credit rating agency – they were in the news recently as they said that the Irish housing market had reached the bottom:

THE REPUBLIC’S house-price fall has levelled off but no recovery is in sight, according to a European housing market report published by Standard & Poor’s (S&P).

The ratings agency indicated yesterday that while Irish house prices have “completed their correction”, market activity is not expected to resume any time soon.

Here is some advice. Do not listen to Standard and Poors. They are useless.  They could not predict their way out of the bottom of a wet paper bag:

Hey, weren’t you the same guys who gave AAA ratings to the repackaged subprime mortgage-backed securities that, in truth, were utter dreck? And didn’t that help cause the 2008 economic collapse? And didn’t subsequent accounts reveal that you were in bed with the banks whose products you were supposed to be rating? I mean, you guys are still in business? Amazing.

Taking advice on anything financial from Standard and Poors is like taking swimming lessons from a brick.

They have no credibility, no ethics and a glorious history of failure.

Need advice on the Irish property market?

Head over to the real experts at They know what is happening:

A modest suggestion for Standards are Poor: Get a grown-up to read your reports before issuing them.

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