SONY set to JUNK status

[joeorc]

Kasz216 said:

Yes REALLY. It's all revenge starting for this

http://www.france24.com/en/20110920-credit-agency-standard-poors-downgrades-italy-rating-debt-eurozone

Where they claimed "political corruption."

Italy doesn't care why you don't trust Credit rating agencies, they just don't want you to trust credit ratings agencies... because their credit ratings suck.

The Australia ruling was nothing more then a populist feel good ruling, from a country that likes those.  I mean hell.

"Town officials said during the trial they hadn’t read all of the accompanying documents and relied on the AAA rating to make the decision to invest in the notes."

Essentially they sued because they were too stupid to read their paperwork.

http://www.bloomberg.com/news/2012-11-04/s-p-found-liable-by-australian-court-for-misleading-ratings.html

http://www.businessinsider.com/australian-court-ruling-on-sp-2012-11

Chances are, it gets overturned.   Credit ratings aren't some just some guy sitting in a room throwing darts at a dartboard with ratings numbers on it.

 

It's 70-80%  formula.   Higher in the cases of bonds like the Australian case.

the Australian court does not see it as revenge!

A breakthrough came three weeks ago when an Australian court ruled that S&P misled 12 councils in Australia by awarded a AAA rating to derivatives products created by ABN Amro which imploded less than two years after they were sold.

what your say is these credit rating agencys can police everyone else but not them selves?

come on now