Tren Griffin+ Your Authors @trengriffin I work for Microsoft. Previously I was a partner at Eagle River, a private equity firm established by Craig McCaw. I am on the board of directors of Kymeta. Apr. 10, 2020 1 min read + Your Authors

1/ "for a so-called "fallen angel" to qualify, it would have had to be rated "at least BBB-/Baa3 by two or more [credit agencies] as of March 22, 2020," the Fed explains. And, that firm "must be rated at least BB-/Ba3" at the time of issuance." 

2/ 25iQuiz: Who said:

"The past is always triple-A. We can all remember what the past was. But if we try to make the future triple-A, we have no future. The future is always single-B.”

Is a "fallen Angel" bond better than one issued originally with a premium for credit risk?

3/ "In 2007 rating agencies gave almost 1,300 financial instruments triple-A ratings. They never legitimately deserved triple-A ratings, but the rating enabled the leverage that created the problem. People got comfortable with the rating rather than doing work on credit quality.”

You can follow @trengriffin.


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