Tuesday, October 14, 2008

Ratings Agency Panic: Moody's Lampoons Itself on the Upside, Too

Apparently, new struts and a new suspension mean nothing - nothing - to Moody's:

To varying degrees [?], systemic support already had been incorporated into our ratings, and the provision of support is likely to be temporary, with the result that the implications for long-term ratings are more limited.
Moody’s: Bailouts Won’t Boost European Bank Ratings

Already incorporated?

You can't make this stuff up (and I'm not even in the bash-the-ratings-agencies-early-and-often crowd....).

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