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Egan-Jones Downgrades BP From A- To BBB+, Negative Outlook, 4 Notches Below S&P

Tyler Durden's picture




 

As Egan-Jones says,the downgrade should be a "big heads up for Money Market Funds." Not to worry, we are confident that two years after the Reserve fund broke the buck, financial regulation has moved far enough to contain any potential fall out from massive redemptions. Right. Right?

Here is the history of recent rating events from Egan-Jones:

  1. On 4.29.10 we issued a BP rating as AA with negative outlook.
  2. On 5. 20.10 we lowered BP from AA to A+ with negative outlook.  Two rating grades lower than S&P.
  3. Today: 6.3.10 we downgraded BP again from A+ to BBB+ with negative outlook.   4 rating grades lower than S&P.

Unlike the clowns at the legacy rating agencies, many hedge funds actually trade on Egan-Jones recommendations. This will destroy JPMorgan's attempts at lobbying for a high BP price so the firm can sell off its residual prop exposure.

 

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Thu, 06/03/2010 - 12:26 | 392019 Duesco
Duesco's picture

If NOAA is correct and this oil gets thrown up the Eastern Seaboard by the Loop Current, they may as well downgrade BP to OMFG and get out.

Thu, 06/03/2010 - 12:31 | 392033 Mitchman
Mitchman's picture

+1!  OMFG is right!  It serves those slimy BP bastards right.

Thu, 06/03/2010 - 12:29 | 392023 bugs_
bugs_'s picture

Egad!

Thu, 06/03/2010 - 12:31 | 392027 Misean
Misean's picture

"This will destroy JPMorgan's attempts at lobbying for a high BP price so the firm can sell off its residual prop exposure."

So who's JPMorgue gonna screw to make another 90 days of only ++ gains on trades?

Thu, 06/03/2010 - 12:32 | 392035 Rider
Rider's picture

As always, rating agencies are just in time, once the shareholders already have had a 50% haircut.

Thu, 06/03/2010 - 12:47 | 392079 BlackBeard
BlackBeard's picture

Ahhhh Egan Jones... the good ol' buyside agency.

Thu, 06/03/2010 - 12:54 | 392097 schoolsout
schoolsout's picture

Been following the "blob" here for a while....service I use for offshore fishing that locates currents and other vital components in the ocean

 

http://www.roffs.com/deepwaterhorizon.html

Thu, 06/03/2010 - 14:26 | 392368 Scarlo
Scarlo's picture

Yea, they need to let EJ in on the ratings racket. I gave my resume to Sean Egan the other week, but unless they get some new business it seems my resume isn't cutting it...

Thu, 06/03/2010 - 13:05 | 392121 kaiserhoff
kaiserhoff's picture

BP can carve BO a new one, simply by announcing they intend to invoke the 75 million cap on damage.  SHTF  Wish I had that sort of ace in the hole.

Yesterday PM there was a good 25 mph breeze blowing into shore from the Gulf Stream.  Food for thought.

Thu, 06/03/2010 - 13:13 | 392150 ydderf1950
ydderf1950's picture

the black swan is over the GoM and about to land

Thu, 06/03/2010 - 14:32 | 392386 Hephasteus
Hephasteus's picture

They think they'll be back in business as IMF Carbon Dork Enterprises next year.

Thu, 06/03/2010 - 14:41 | 392411 DollarMenu
DollarMenu's picture

This from 'YAHOO':

"METAIRIE, La. (AP) -- BP sliced off a pipe with giant shears Thursday in the latest bid to curtail the worst spill in U.S. history, but the cut was jagged and placing a cap over the gusher will now be more challenging."

So, they really do have no freaking clue.

If there is a way for them to wall off BP America from the rest of BP,

I'll bet they are working to do just that.

Let BP America sink, and go on to other places with BP World.

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mbtshoe's picture

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