CDS Implied and S&P Rating Divergence

10-year bond yields for Spain, Portugal, Ireland and Greece -- year preceding November 26, 2010 (Bloomberg)
10-year bond yields for Spain, Portugal, Ireland and Greece — year preceding November 26, 2010 (Bloomberg)
Ratings Key CDS-implied
rating
S&P Domestic
rating
Difference
AAA 1 Denmark AAA AAA 0
AA+ 2 Finland AAA AAA 0
AA 3 Germany AAA AAA 0
AA- 4 Norway AAA AAA 0
A+ 5 Sweden AAA AAA 0
A 6 Switzerland AAA AAA 0
A- 7 Austria AA+ A -1
BBB+ 8 Czech Rep. AA+ A+ 3
BBB 9 Slovakia AA+ A+ 3
BBB – 10 Slovenia AA+ AA 1
BB+ 11 Netherlands AA+ AAA -1
BB 12 Estonia AA+ A 4
BB- 13 UK AA+ AAA -1
B+ 14 Poland AA A 3
B 15 Turkey AA BB+ 8
B- 16 France AA AAA -2
CCC+ 17 Russia AA- BBB+ 4
CCC 18 Belgium BBB AA+ -7
CCC- 19 Bulgaria BB+ BBB -2
Croatia BB+ BBB -2
Italy BB+ A+ -6
Lithuania BB+ BBB -2
Iceland BB BBB -3
Romania BB BB+ -1
Latvia BB BB 0
Hungary BB- BBB- -3
Spain BB- AA -10
Ukraine B+ BB- -1
Portugal B A- -8
Ireland B- A -10
Greece CCC- BB+ -8
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