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From: "=?UTF-8?Q?_LSDJ_=28La_S=C3=A9lection_du_Jour=29?=" <lsdjabos@nl.laselectiondujour.com>
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Subject: =?UTF-8?Q?=F0=9F=91=89=F0=9F=8F=BC_Notation_financi=C3=A8re=2C_un_pouvoir?=
  =?UTF-8?Q?_priv=C3=A9_au-dessus_des_=C3=89tats?=
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Date: Fri, 19 Sep 2025 23:28:02 +0200
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Pour afficher la version HTML de cet email, https://mirror.nl.laselectiondu=
jour.com/?eis=3D305595&s=3D14642&b=3D2573=0D
LSDJ : Notation financi=C3=A8re, un pouvoir priv=C3=A9 au-dessus des =C3=89=
tats     L'agence Fitch a abaiss=C3=A9 la note de la France. Au-del=C3=A0 d=
es r=C3=A9actions, entre r=C3=A9signation et fatalisme, demeure une r=C3=A9=
alit=C3=A9=C2=A0: trois agences priv=C3=A9es am=C3=A9ricaines concentrent 9=
5=C2=A0% du march=C3=A9 mondial (cas d'                   Ouvrir dans le na=
vigateur                                                          19 Septem=
bre 2025 - N=C2=B02551                                      =C3=89conomie  =
                                   Notation financi=C3=A8re, un pouvoir pri=
v=C3=A9 au-dessus des =C3=89tats                                     Photo&=
nbsp;: Les agences de notation, en situation d'oligopole, ont la main sur u=
ne partie du monde. Cr=C3=A9dits&nbsp;: Shutterstock.                      =
                                                    L'agence Fitch a abaiss=
=C3=A9 la note de la France. Au-del=C3=A0 des r=C3=A9actions, entre r=C3=A9=
signation et fatalisme, demeure une r=C3=A9alit=C3=A9=C2=A0: trois agences =
priv=C3=A9es am=C3=A9ricaines concentrent 95=C2=A0% du march=C3=A9 mondial =
(cas d'oligopole). Incontournables, leurs =C2=AB=C2=A0avis=C2=A0=C2=BB dict=
ent les conditions d'acc=C3=A8s aux march=C3=A9s et n'engagent pourtant auc=
une responsabilit=C3=A9. Un pouvoir opaque, d=C3=A9j=C3=A0 complice des plu=
s grandes crises financi=C3=A8res.                                         =
                             Trois agences dominent=C2=A0: Moody's (1909), =
S&amp;P (1941) et Fitch (1914), toutes n=C3=A9es =C3=A0 New York.</stron> E=
lles concentrent plus de 90=C2=A0% du march=C3=A9 europ=C3=A9en de la notat=
ion financi=C3=A8re (et pr=C3=A8s de 95=C2=A0% du march=C3=A9 mondial). Moo=
dy's na=C3=AEt gr=C3=A2ce =C3=A0 John Moody, qui cr=C3=A9e un guide pour no=
ter les obligations ferroviaires am=C3=A9ricaines (titres de dette =C3=A9mi=
s pour financer ses activit=C3=A9s), afin de simplifier la vie des investis=
seurs. C'est la naissance de la =C2=AB=C2=A0notation=C2=A0=C2=BB. John Know=
les Fitch suit, en publiant des bulletins financiers sur la solidit=C3=A9 d=
es entreprises, et introduit d=C3=A8s 1924 l'=C3=A9chelle de notation en le=
ttres (de AAA =C3=A0 D), toujours utilis=C3=A9e. Enfin, Standard &amp; Poor=
's na=C3=AEt quelques d=C3=A9cennies plus tard, de la fusion entre =C2=AB=
=C2=A0Standard Statistics=C2=A0=C2=BB et =C2=AB=C2=A0Poor's Publishing=C2=
=A0=C2=BB. Cette agence se sp=C3=A9cialise dans la collecte et l'analyse de=
 donn=C3=A9es. 1936 marque un virage, car l'=C3=89tat interdit aux banques =
d'acheter des obligations jug=C3=A9es =C2=AB=C2=A0sp=C3=A9culatives=C2=A0=
=C2=BB. Les avis priv=C3=A9s deviennent alors des normes publiques. Leur r=
=C3=B4le est institutionnalis=C3=A9 dans les ann=C3=A9es 1970, lorsque la S=
EC (le gendarme financier US) officialise leur statut par le label NRSRO (N=
ationally Recognized Statistical Rating Organizations). Pierre angulaire, l=
es agences priv=C3=A9es ne notent pas seulement les =C3=89tats, mais aussi =
les entreprises, les banques, les assurances et m=C3=AAme les collectivit=
=C3=A9s (r=C3=A9gions, d=C3=A9partements ou grandes villes fran=C3=A7aises,=
 par exemple). La note fixe le co=C3=BBt et l'acc=C3=A8s =C3=A0 l'emprunt. =
Certains s'en affranchissent, comme l'Alg=C3=A9rie, l'Arabie saoudite (qui =
se financent notamment par leurs ressources naturelles), la Chine ou la Rus=
sie (par des accords bilat=C3=A9raux). D'autres en sont exclus de fait, pay=
s pauvres ou en guerre, contraints =C3=A0 d'autres financements.=20

=C3=80 l'origine, le mod=C3=A8le =C3=A9tait dit =C2=AB=C2=A0investor-pays=
=C2=A0=C2=BB=C2=A0: les investisseurs achetaient les conseils.</stron>Mais =
=C3=A0 la fin des ann=C3=A9es 60-70, il bascule en =C2=AB=C2=A0issuer-pays=
=C2=A0=C2=BB, ce qui revient =C3=A0 payer pour =C3=AA&hellip;Lire la suite =
                                                                        Rap=
ha=C3=ABl Lepilleur                                                        =
                                                        Agence de notation =
: les nouveaux ma=C3=AEtres du monde                                       =
                                          &gt;&gt;&gt; =C3=80 regarder sur =
la cha=C3=AEne YouTube de "investigation"                                  =
                                           Partagez avec vos amis          =
                                                                           =
                              Faire un don                                 =
     LSDJ, c=E2=80=99est chaque jour une info s=C3=A9lectionn=C3=A9e pour :=
=0D
                                                                         =
=F0=9F=94=A6 D=C3=A9crypter.=0D
                                                                         =
=F0=9F=A4=93 Comprendre.=0D
                                                                         =
=F0=9F=A7=A0 M=C3=A9moriser.                                               =
                              Un ami vous a transf=C3=A9r=C3=A9 cette newsl=
etter ? Cliquez-ici pour vous inscrire gratuitement.                       =
      Suivez-nous :                             Si vous souhaitez vous d=C3=
=A9sabonner, cliquez ici=0D
Pour vous d=C3=A9sabonner de cette liste de diffusion, cliquez ici https://=
unsub.nl.laselectiondujour.com/?eis=3D305595&s=3D14642&b=3D2573=0D

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ly: Roboto, &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-=
size: 12px; line-height: 18px; text-align: left;">
=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=
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                                                                    <a href=
=3D"https://t.nl.laselectiondujour.com/c/?t=3D84f0cb7-82m-82c1-198s-12q9q" =
target=3D"_blank" style=3D"text-decoration:none;color:#134038"><h5 style=3D=
"text-transform: uppercase;color: #134038;text-align: right;">19 Septembre =
2025 - N=C2=B02551</h5></a>

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order=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"max-width:100%; mi=
n-width:100%;" width=3D"100%" class=3D"mcnTextContentContainer">
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x; padding-bottom:9px; padding-left:18px;">
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                                                                    <h4 sty=
le=3D"text-transform: uppercase;color: #134038;text-align: center;"><strong=
>=C3=89conomie</strong></h4>

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                                                                <td valign=
=3D"top" class=3D"mcnTextContent" style=3D"padding-top:0; padding-right:18p=
x; padding-bottom:9px; padding-left:18px;">
=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=
=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=
=20=20=20=20=20=20=20=20=20=20=20=20=20=20
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=3D"https://t.nl.laselectiondujour.com/c/?t=3D84f0cb7-82m-82c1-198s-12q9q" =
target=3D"_blank" style=3D"text-decoration:none;color:#222222"><h1 class=3D=
"null">Notation financi=C3=A8re, un pouvoir priv=C3=A9 au-dessus des =C3=89=
tats</h1></a>

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amily: Roboto, &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; fo=
nt-size: 9px; line-height: 14px;">
                                                                        <a =
href=3D"https://t.nl.laselectiondujour.com/c/?t=3D84f0cb7-82m-82c1-198s-12q=
9q" target=3D"_blank"><img align=3D"none" height=3D"auto" src=3D"https://ww=
w.laselectiondujour.com/public/images/articles/2642-160940.jpg" style=3D"wi=
dth: 100%; height:auto; margin: 0px;" width=3D"100%"></a>
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amily: Roboto, &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; fo=
nt-size: 14px; line-height: 22px;">
                                                                        Pho=
to&nbsp;: Les agences de notation, en situation d'oligopole, ont la main su=
r une partie du monde. Cr=C3=A9dits&nbsp;: Shutterstock.
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lass=3D"imgTitleOne">=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=
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=3D"top" class=3D"mcnTextContent" style=3D"padding: 0px 18px 9px;color: #57=
5656;font-family: Roboto, &quot;Helvetica Neue&quot;, Helvetica, Arial, san=
s-serif;font-size: 16px;line-height: 26px;text-align: left;">
=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=
=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=
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                                                                    <div st=
yle=3D"margin-bottom:4%;border-left:5px solid #00d0ae;padding-left:10px;fon=
t-weight: bold;color:#202020">L'agence Fitch a abaiss=C3=A9 la note de la F=
rance. Au-del=C3=A0 des r=C3=A9actions, entre r=C3=A9signation et fatalisme=
, demeure une r=C3=A9alit=C3=A9=C2=A0: trois agences priv=C3=A9es am=C3=A9r=
icaines concentrent 95=C2=A0% du march=C3=A9 mondial (cas d'oligopole). Inc=
ontournables, leurs =C2=AB=C2=A0avis=C2=A0=C2=BB dictent les conditions d'a=
cc=C3=A8s aux march=C3=A9s et n'engagent pourtant aucune responsabilit=C3=
=A9. Un pouvoir opaque, d=C3=A9j=C3=A0 complice des plus grandes crises fin=
anci=C3=A8res.</div>

                                                                    <div>
                                                                        <p =
dir=3D"ltr"><strong>Trois agences dominent=C2=A0: Moody's (1909), S&amp;P (=
1941) et Fitch (1914), toutes n=C3=A9es =C3=A0 New York.</strong></stron> <=
a href=3D"https://t.nl.laselectiondujour.com/c/?t=3D84f0cb7-82m-82c4-198s-1=
2q9q" target=3D"_blank" rel=3D"noopener">Elles concentrent plus de 90=C2=A0=
%</a> du march=C3=A9 europ=C3=A9en de la notation financi=C3=A8re (et pr=C3=
=A8s de 95=C2=A0% du march=C3=A9 mondial). Moody's na=C3=AEt gr=C3=A2ce =C3=
=A0 John Moody, qui cr=C3=A9e un guide pour noter les obligations ferroviai=
res am=C3=A9ricaines (titres de dette =C3=A9mis pour financer ses activit=
=C3=A9s), afin de simplifier la vie des investisseurs. C'est la naissance d=
e la =C2=AB=C2=A0notation=C2=A0=C2=BB. John Knowles Fitch suit, en publiant=
 des bulletins financiers sur la solidit=C3=A9 des entreprises, et introdui=
t d=C3=A8s 1924 l'<a href=3D"https://t.nl.laselectiondujour.com/c/?t=3D84f0=
cb7-82m-821w-198s-12q9q" target=3D"_blank" rel=3D"noopener">=C3=A9chelle de=
 notation</a> en lettres (de AAA =C3=A0 D), toujours utilis=C3=A9e. Enfin, =
Standard &amp; Poor's na=C3=AEt quelques d=C3=A9cennies plus tard, de la fu=
sion entre =C2=AB=C2=A0Standard Statistics=C2=A0=C2=BB et =C2=AB=C2=A0Poor'=
s Publishing=C2=A0=C2=BB. Cette agence se sp=C3=A9cialise dans la collecte =
et l'analyse de donn=C3=A9es. 1936 marque un virage, car l'=C3=89tat interd=
it aux banques d'acheter des obligations jug=C3=A9es =C2=AB=C2=A0sp=C3=A9cu=
latives=C2=A0=C2=BB. Les avis priv=C3=A9s deviennent alors des normes publi=
ques. Leur r=C3=B4le est institutionnalis=C3=A9 dans les ann=C3=A9es 1970, =
lorsque la SEC (le gendarme financier US) officialise leur statut par le la=
bel NRSRO (Nationally Recognized Statistical Rating Organizations). Pierre =
angulaire, les agences priv=C3=A9es ne notent pas seulement les =C3=89tats,=
 mais aussi les entreprises, les banques, les assurances et m=C3=AAme les c=
ollectivit=C3=A9s (r=C3=A9gions, d=C3=A9partements ou grandes villes fran=
=C3=A7aises, par exemple). La note fixe le co=C3=BBt et l'acc=C3=A8s =C3=A0=
 l'emprunt. Certains s'en affranchissent, comme l'Alg=C3=A9rie, l'Arabie sa=
oudite (qui se financent notamment par leurs ressources naturelles), la Chi=
ne ou la Russie (par des accords bilat=C3=A9raux). D'autres en sont exclus =
de fait, pays pauvres ou en guerre, contraints =C3=A0 d'autres financements=
.</p> <p dir=3D"ltr"><strong>=C3=80 l'origine, le mod=C3=A8le =C3=A9tait di=
t =C2=AB=C2=A0investor-pays=C2=A0=C2=BB=C2=A0: les investisseurs achetaient=
 les conseils. </strong></stron>Mais =C3=A0 la fin des ann=C3=A9es 60-70, i=
l bascule en =C2=AB=C2=A0issuer-pays=C2=A0=C2=BB, ce qui revient =C3=A0 pay=
er pour =C3=AA&hellip;</p><table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" width=3D"100%" class=3D"mcnButtonBlock" style=3D"min-width:100%;marg=
in:15px 0">
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ding-right:18px; padding-bottom:0px; padding-left:18px;" valign=3D"top" ali=
gn=3D"center" class=3D"mcnButtonBlockInner">
                                                <table border=3D"0" cellpad=
ding=3D"0" cellspacing=3D"0" class=3D"mcnButtonContentContainer" style=3D"b=
order-collapse: separate !important;border-radius: 24px;background-color: #=
FF005F;">
                                                    <tbody>
                                                        <tr>
                                                            <td align=3D"ce=
nter" valign=3D"middle" class=3D"mcnButtonContent" style=3D"font-family: Ve=
rdana, Geneva, sans-serif; font-size: 18px; padding: 18px;">
                                                                <a class=3D=
"mcnButton" title=3D"Lire la suite" href=3D"https://t.nl.laselectiondujour.=
com/c/?t=3D84f0cb7-82m-82c1-198s-12q9q" target=3D"_blank" style=3D"font-wei=
ght: bold;letter-spacing: normal;line-height: 100%;text-align: center;text-=
decoration: none;color: #FFFFFF;">Lire la suite</a>
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                                    </tbody>
                                </table>
                                                                        <di=
v style=3D"text-align: right;">
                                                                        Rap=
ha=C3=ABl Lepilleur
                                                                        </d=
iv>
                                                                    </div>

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ellspacing=3D"0" width=3D"100%" class=3D"mcnDividerBlock" style=3D"min-widt=
h:100%;">
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r">
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kInner" style=3D"min-width:100%; padding:18px;">
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derContent" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%"=
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00%;">
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rp.nl.laselectiondujour.com/2573/newsletter/selection.png" class=3D"imgTitl=
e">=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=
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=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=
=20=20=20=20=20=20=20=20=20=20=20=20=20=20
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target=3D"_blank">
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g align=3D"none" height=3D"auto" src=3D"https://www.laselectiondujour.com/p=
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order=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"max-width:300px;" =
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, &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px=
; font-style: normal; font-weight: bold; line-height: 24px; text-align: lef=
t;">
=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=
=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=
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width=3D"100%">
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ody>
=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=
=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=
=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=20=
=20
                                                                           =
 <tr>
                                                                           =
     <td style=3D"text-align: left">
                                                                           =
         <a href=3D"https://t.nl.laselectiondujour.com/c/?t=3D84f0cb7-82m-8=
21l-198s-12q9q" style=3D"color:#202020;text-decoration: none;" target=3D"_b=
lank"><h2 class=3D"mc-toc-title" style=3D"text-align: left;">Agence de nota=
tion : les nouveaux ma=C3=AEtres du monde</h2></a>
                                                                           =
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198s-12q9q" style=3D"color:#f4a22e;" target=3D"_blank">&gt;&gt;&gt; =C3=80 =
regarder sur la cha=C3=AEne YouTube de "investigation"</a></td>
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body>
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                                                                    Si vous=
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com/c/?t=3D84f0cb7-82m-8213-198s-12q9q" target=3D"_blank" style=3D"color: #=
606060" >cliquez ici</a>

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