Rating Agency
Rating Agency Downgrade Smackdown Continues
Submitted by Tyler Durden on 02/05/2009 20:49 -0500As Moody's was getting took much media attention today with assorted blurbs about worthless CMBS here and potential US downgrade there, S&P decided to strike right back with another wholesale downgrade, this time of the retail space after last week's energy whack. Six names were put on creditwatch negative:
Nordstrom: A-
JC Penney: BBB-
Macy's: BBB-
Sears: BB-
Dillards: B+
Neiman Marcus: B+
Rating Agency Brilliance in Action Again: Whiting Petroleum Buying Back Bonds
Submitted by Tyler Durden on 01/27/2009 17:58 -0500S&P Yesterday had some bad things to say about Whiting Petroleum and cut its outlook on the name. Well, hopefully you are not a manager who buys and sell based on what those rockets scientists have to say (i.e. a mutual fund): today the company announced it is issuing 8 million shares of stock, which incidentally sent the stock plunging by 10%, in order to pay back a portion of its $620 million total in outstanding debt.
