Rating agencies are one of the main culprits of this mess.
However, recently they took up a new job.
They are ‘rating’ companies, instead of ‘selling AAA ratings for cash’
Moody's, which has long been criticized for sleeping through the credit bubble and, by many accounts, causing it in the first place, just came out with an attempt at absolution.
In a quarterly publication called the "Bottom Rung", the rating agency list 283 companies which it believes are the most likely to default.
Among the sectors most represented are media, automotive, retail, manufacturing, gaming and consumer products. Moody's dedication manifests in the 126 new companies added to the "death list" compared to last year's 157.
So in total there are 283 companies doing a dead men walking.
Investors: take your losses and run for the hills.
However, recently they took up a new job.
They are ‘rating’ companies, instead of ‘selling AAA ratings for cash’
Moody's, which has long been criticized for sleeping through the credit bubble and, by many accounts, causing it in the first place, just came out with an attempt at absolution.
In a quarterly publication called the "Bottom Rung", the rating agency list 283 companies which it believes are the most likely to default.
Among the sectors most represented are media, automotive, retail, manufacturing, gaming and consumer products. Moody's dedication manifests in the 126 new companies added to the "death list" compared to last year's 157.
So in total there are 283 companies doing a dead men walking.
Investors: take your losses and run for the hills.
New on the list are: Eastman Kodak, MGM Mirage, Unisys, Dana Holding Corp and many others.
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