The comedy wont end, more than six months into the credit crisis and yet the rating agencies continue to produce comedy at a alarming rate http://www.bloomberg.com/apps/news?pid=20601009&sid=amq3rYH9B9EI&refer=bond I think I know quite a few third world countries who can borrow at a cheaper spread.
``It was expensive but they needed to get it done,'' said Kevin Murphy, who oversees investment-grade and emerging-market bonds at Boston-based Putnam Investments, which has $65 billion in fixed-income assets under management. ``It's good news for the company, good news for the bond insurance sector and good news for the credit markets.''