Skip to comments.Some interesting bond downgrades in the last 24 hours (BP, IL, Greece)
Posted on 06/15/2010 6:04:11 AM PDT by 2banana
Some interesting bond downgrades in the last 24 hours
BP from AA to BBB (Fitch)
Illinois from A+ to A (Fitch)
Greece from A3 to Ba1 (Junk) (Moodys)
And usually the rating agencies are WELL behind the power curve.
All is well.
Interest mix! Illinois, BP, Greece: Ghosts of Obama, past present and future?
correction: Interest mix = InterestING mix
After witnessing what happened to the GM and Chrysler bond holders under the Obama Administration why would anyone buy a corporate bond, either?
And remember: the bond rating companies are usually the last to state the obvious.
Depending on the headline issue involved, there’s up to a three month delay by these idiots in stating the obvious. You or I would have sold any Greek bonds we had back in, what, January?
The ratings houses, however, still have the Greek paper way above where the market is pricing the paper, or how the markets are pricing the risk of default.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.