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Their corporate debt also got downgraded to B3 by Moody's today.
by thematt 9y ago
Their corporate debt also got downgraded to B3 by Moody's today.
- pishpash 9y agoIn a few years time we may look at the confluence of events as the beginning of the pricking of the bubble.
- grzm 9y agoWhat's frustrating for me is I don't know how much to trust the ratings agencies any more after their involvement in the 2008 financial crisis. Moody's in particular was fined over $800 million. Admittedly part of that is ignorance of how the agencies have performed overall, but that is such a strong black mark. Trust is one of those things that once lost is hard to regain.
- t3rmi 9y agoMaybe we can trust the bad ratings but not the good ones :P
- saiya-jin 9y agoYou're completely right in not trusting those agencies, they are generally big pile of shit and egos and little more (to be polite). The problem is, markets +-trust them, since there isn't anything better (although bringing better than shit shouldn't be impossible).
- greglindahl 9y agoIt was junk when it was issued, so this isn't necessarily what caused market motion.
- akvadrako 9y agoTrue, but their new borrowing rate is about 7% and last year it was 3% I think.