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Moodys Threatened With Downgrade

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Standard & Poor's Ratings Services, owned by McGraw-Hill Cos. (MHP 29.39, -0.46, -1.54%) , said late Tuesday that it may downgrade the short-term credit rating of Moody's Corp. (MCO 20.01, -1.24, -5.84%) , the other top rating agency.S&P put Moody's A1 short-term rating on CreditWatch with negative implications, suggesting there's at least a 50% chance of a downgrade."An increased level of business risk is likely following the announcement that the Financial Reform Conference Committee has reconciled bills from the U.S. Senate and House," S&P credit analyst Emile Courtney said in statement.


Its all madness. S&P are going to downgrade Moodys because of the threat of being sued for providing duff ratings. Moodys doesn't seem to have downgraded S&P however. The story reads like the epic, but alas not online "Point-counterpoint: Humidifier vs. Dehumidifier" story out of The Onion.

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I thought the ratings agencies lost all credibility in 2007? Why does anyone care what they think?

They are really a proxy for talking about other things (e.g., the absolute requirement to run your company/country in a short-termist manner for the benefit of roulette croupiers who pay tax in Bermuda). More amused by the snake eating its own tail aspect really. Quis custodiet ipsos custodes?

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They could keep downgrading each other, until they all disappear in a great puff of smoke (with any luck). Corrupt non businesses which have lost all credibility and have had their day in the sun.

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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