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Original post by Quady
Also it blows a bit of a hole in the BT arguement that Scotland would have 'no' credit rating. Its ahead of Russia and a miniture smidge behind China and Belgium.

I don't think BT has ever said we'd have no credit rating (is that even possible), but they have said that our credit rating would be worse than the one we enjoy as part of the UK.
(edited 9 years ago)
Original post by Quady
tbh I think this will work in the Yes campaigns favour.

They rated Scotland as an A.

To the man on the street thats pretty darn good. Credit Rated A.

Hell the whole UK is only Aa1.

Most people won't even know what the current UK rating is, let alone there are sub ratings.

Also it blows a bit of a hole in the BT arguement that Scotland would have 'no' credit rating. Its ahead of Russia and a miniture smidge behind China and Belgium.


It means borrowing money, which we'll have to, will be significantly more expensive.

There's many factors involved in the cost of borrowing. One is the credit rating, but the other is the size of the economy.

Although the UK did get downgraded to AA1, it was still paying less interest on its loans than Norway who maintained its aAA rating.

Only an economic illeterate would have difficulty understanding how damaging increasing borrowing costs would be. Not helped if Salmond continues to claim to refuse any debt.

youre right in saying that most people won't understand it. But quite a few do, and those people are worried about it.

Ignorance of a problem isn't a defence. I can forgive people on here not getting it, but it worried me that the YeSNP leaders either don't get it, or are deliberately misleading is on it.
(edited 9 years ago)
Original post by flugelr
I don't think BT has ever said we'd have no credit rating (is that even possible), but they have said that our credit rating would be worse than the one we enjoy as part of the UK.


You're right. It's never been said we wouldn't have one. Everybody has a credit rating.
Original post by MatureStudent36
You're right. It's never been said we wouldn't have one. Everybody has a credit rating.


Just like Salmond deliberately misquoting Osborne on currency.


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Original post by Midlander
Just like Salmond deliberately misquoting Osborne on currency.


Posted from TSR Mobile


I was more worried about the SNPs press release saying that Standard & Poor said we'd still maintain a AAA credit rating when the actual report said nothing of the sort.

I know politicians spin things and interpret things which ever way suits them, but the blatantly make stuff up is unforgivable.
Original post by flugelr
I don't think BT has ever said we'd have no credit rating (is that even possible), but they have said that our credit rating would be worse than the one we enjoy as part of the UK.


From memory I think what I saw was that 'scotland has no credit record'. The implication being Scotland would have very low, junk status, BB or BBB or something like that.

If I still have the leaflet I'll be able to quote it.
Original post by MatureStudent36
I was more worried about the SNPs press release saying that Standard & Poor said we'd still maintain a AAA credit rating when the actual report said nothing of the sort.

I know politicians spin things and interpret things which ever way suits them, but the blatantly make stuff up is unforgivable.


I swear no other party gets as easy a ride as they do.


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Original post by Quady
From memory I think what I saw was that 'scotland has no credit record'. The implication being Scotland would have very low, junk status, BB or BBB or something like that.

If I still have the leaflet I'll be able to quote it.


Well technically it doesn't have one because it isn't a sovereign state.


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Original post by MatureStudent36
It means borrowing money, which we'll have to, will be significantly more expensive.

There's many factors involved in the cost of borrowing. One is the credit rating, but the other is the size of the economy.

Although the UK did get downgraded to AA1, it was still paying less interest on its loans than Norway who maintained its aAA rating.

Only an economic illeterate would have difficulty understanding how damaging increasing borrowing costs would be. Not helped if Salmond continues to claim to refuse any debt.

youre right in saying that most people won't understand it. But quite a few do, and those people are worried about it.

Ignorance of a problem isn't a defence. I can forgive people on here not getting it, but it worried me that the YeSNP leaders either don't get it, or are deliberately misleading is on it.


A few points. Your third sentence contradicts your first. The market sets prices not the rating agencies.

OK I'm an economic illiterate then. I don't think Scotland paying (say) 4% on bonds as opposed to 2.6% (at todays yeilds) is much of a big deal, its still cheap money, cheaper than the UK was paying less than a decade ago. In anycase it would only apply to new borrowing.

If Scotland refuses debt I don't think the markets would see that as a problem, they care about being paid back on new loans, not having the existing debt make the risk of default lower. They won't refuse the debt anyway as the UK would then not cooperate and Scotland would have to do a UDI which aint happening.

The people who understand and are worried have most likely already made up their minds firmly (IMHO). So in many ways it wouldn't matter much.

I don't think YeSNP are misleading anyone, just not mentioning it. In a similar way BT aren't mentioning Universal Credit.
Original post by Midlander
Well technically it doesn't have one because it isn't a sovereign state.


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You don't say....

I don't think pedentary is going to win many votes...
:smile:
Original post by Quady
You don't say....

I don't think pedentary is going to win many votes...
:smile:


It's not pedantry when the phrasing totally changes the meaning of the statement. 'Scotland doesn't have a credit rating' does not mean 'Scotland won't have a credit rating'.


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Reply 9151
Original post by Midlander
I swear no other party gets as easy a ride as they do.Posted from TSR Mobile


Yet every national paper in Scotland is pro-Union bar the Herald and obviously every London based paper is likewise.

Something doesn't add up here!

mailputin.jpg

Maybe your imagination is running wild again?!
Original post by Boab
Yet every national paper in Scotland is pro-Union bar the Herald and obviously every London based paper is likewise.

Something doesn't add up here!

mailputin.jpg

Maybe your imagination is running wild again?!


You assume every London based paper is pro Union? I wasn't aware Salmond had endorsed what Putin's up to, though a combination of that and calling Scotland a nation of drunks is such a gift to the No campaign you'd think Salmond's a unionist as well.
Reply 9153
Original post by Midlander
You assume every London based paper is pro Union? I wasn't aware Salmond had endorsed what Putin's up to, though a combination of that and calling Scotland a nation of drunks is such a gift to the No campaign you'd think Salmond's a unionist as well.


Name me one, that is published in Scotland that isn't.

Either way to believe the SNP and YES are getting an easier ride than NO and Better Together is in the realms of fantasy!

They've been desperately running the Putin story for days now.
Original post by Boab
Name me one, that is published in Scotland that isn't.

Either way to believe the SNP and YES are getting an easier ride than NO and Better Together is in the realms of fantasy!

They've been desperately running the Putin story for days now.


I didn't say the campaign, I said Alex Salmond personally. What do you think on him calling Scotland a nation of drunks?
Reply 9155
Original post by Midlander
I didn't say the campaign, I said Alex Salmond personally. What do you think on him calling Scotland a nation of drunks?


Not going to name me a paper then?!

So the last 3 days of coverage around this interview which has spawned Putin and Drinks is an example of Salmond getting it easy?!

What do I think? Well given Scotland has the eight highest alcohol consumption rate on the planet, he has a point. Bump that in alongside the fact he was discussing the need for the SNP policy of bringing in minimum pricing, possibly gives it some context.

Will most Scots care about it? I very much doubt it. There are more important issues.
Reply 9156
Original post by Midlander
I didn't say the campaign, I said Alex Salmond personally.


And no, you didn't!

Original post by Midlander
I swear no other party gets as easy a ride as they do.
Original post by Boab
Not going to name me a paper then?!

So the last 3 days of coverage around this interview which has spawned Putin and Drinks is an example of Salmond getting it easy?!

What do I think? Well given Scotland has the eight highest alcohol consumption rate on the planet, he has a point. Bump that in alongside the fact he was discussing the need for the SNP policy of bringing in minimum pricing, possibly gives it some context.

Will most Scots care about it? I very much doubt it. There are more important issues.


So if David Cameron had said the same thing you'd be fine with it? Minimum pricing won't change a thing-it will just get people wasting even more of their money on booze.

As for a newspaper, the Guardian and Independent go against the status quo of other mainstream UK papers when it comes to a host of things, most notably the monarchy. The Guardian's coverage seems fairly balanced:

http://www.theguardian.com/politics/scottish-independence
Original post by Midlander
It's not pedantry when the phrasing totally changes the meaning of the statement. 'Scotland doesn't have a credit rating' does not mean 'Scotland won't have a credit rating'.


Posted from TSR Mobile


As I say, the fake newspaper thing is at home (unless I've chucked it) so I don't have the precise wording. The message was Scotland wouldn't have lowest credit rating there is as they have no history of repaying debt. As that was not the working, I put it accross as Scotland would not have a credit rating.

But meh, now Moodys has given an indicative rating there is something to work with.
Reply 9159
Original post by Midlander
As for a newspaper, the Guardian and Independent go against the status quo of other mainstream UK papers when it comes to a host of things, most notably the monarchy. The Guardian's coverage seems fairly balanced:

http://www.theguardian.com/politics/scottish-independence


You suggest the Guardian is more balanced and you'd be right, as it is on most issues, as is the Independent.
They are still pro-union papers though, as shown by the editorials.

http://www.independent.co.uk/voices/editorials/it-is-not-bullying-to-show-what-scottish-independence-means-9147750.html

http://www.theguardian.com/commentisfree/2014/apr/13/scottish-referendum-yes-could-happen-editorial

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