Germany Approves Greek Aid, Moody's on Italy, Portugal, Spain, UK, RMBS, BP and EUR/USD Rallies (5/7/2010)

Since hedge funds are gaming the hell out of credit ratings agencies, like the US subprime mortgage crisis back in 2007, below are a few updates from Moody's this week. By the way, Economist William Engdahl does not see any EU contagion risk. We'll see what happens. The German Parliament today approved their portion of the Greek aid package, which is 22.4 Billion Euros out of 110 Billion (read full article at NYT Dealbook).  EUR/USD rallied to 1.2705 from 1.261 earlier in the morning.

U.K. Aaa Rating Isn’t at Risk From Election, Say Moody’s, S&P - 5/7 BusinessWeek
How safe is the UK AAA credit rating? - 5/7 Guardian
Italy Not Among Most at Risk in Crisis, Moody’s Says - 5/7 BusinessWeek
Moody's: Oil Spill Could Hurt BP, Anadarko Credit - 5/7 WSJ 
Moody's: Downgrades unlikely on Australia mine tax - 5/7 MarketWatch
Downgrades Unlikely But Australian Mine Tax 'Negative' - Moody's 5/7 DowJones
Moody's outlook on BP changes to negative over oil spill concern - 5/6
Moody's: Europe default rate rose to 7.8% in April - 5/6 MarketWatch
Moody's warns of sovereign debt contagion 5/6 MarketWatch
Moody's Puts Portugal On Review For Downgrade - 5/6 WSJ
Portugal May Be Cut by Moody’s as Contagion Spreads - 5/5 BusinessWeek
Moody's Downgrades Another $14.9 Billion Of RMBS - 5/5 WSJ
Fitch, Moody's Say They Maintain AAA Rating For Spain- 5/4 WSJ