Please note how this news was not reported until late in the
afternoon EST time and well after all the markets around the world were
closed for the weekend except the NYSE. It would have definitely
rained hard on the European markets if the news were released during
those market hourse: BES Files BK
The Wall Street Journal reported it at 3:28 p.m. EST.
Interestingly, it would seem that the ratings were given a heads up
yesterday, as S&P and Moody’s “coincidentally” downgraded the credit
ratings a day ahead of the filing: BES credit downgrade.
Who holds the credit default swaps, baby?!” Better check your bond mutual fund, Monday could be a little rocky.
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