June 5, 2008
Moody’s has indicated that it might lower the ratings of monolines MBIA and Ambac. The possibility prompted New York Times columnist and blogger Floyd Norris to ask: Has anyone thought in recent months that either of those insurers deserved its AAA rating? Readers here will know we have harbored no such illusions. Last February, we [...]
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February 26, 2008
Standard and Poor’s, the giant credit rating agency, affirmed the top “AAA” ratings of bond insurers Ambac and MBIA yesterday. What seems odd about this is that it’s as if the past six months, which saw the most seismic disruptions in the credit markets in generations, wiped out tens of billions from corporate balance sheets [...]
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