Friday, Jun 20, 2008
The next wave...
Marketwatch: Moody's downgrades Aaa rating of Ambac, MBIA
I can't stress how important this story is with regards to implications for the credit default swaps markets. Now the big bond insurers have lost their ratings, the bonds that they insure must lose their ratings too, causing investors to sell. This is massive - and lvmreader predicted this a long time ago. It is the reason that writedowns are going to continue as many billions of dollars worth of debt gets re-rated lower.
Posted by jackas @ 12:33 AM (142 views) Add Comment
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