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Speaking of downgrades
closer
07-06-2008, 9:37 AM | Post #2535981
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In this weekend's Wall Street Journal, there is an interesting letter to the editor that takes exception with a recent story headlined "Bond Insurers Inflict Further Pain on the Market." The writer's contention is that the bond rating agencies, namely Moody's, Fitch, and S&P, have done far more harm than the bond insurers so the headline should have read "Rating Agencies Inflict Further Pain on the Market." A related letter decries the oligopoly the ratings agencies enjoy and "government imposed rules and investment guidelines [that lock out] the very competition that politicians and regulators say they want to foster." In my opinion, Fitch, Moody's, and S&P have made serious errors which have done immense harm to the financial system, particularly to the municipal bond markets.
Topics
bond rating
Bonds
muni bond
rating
S&P
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