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widemoatinvesting.wordpress.com - 4/10/2009

Moody’s Intrinsic Value

— widemoatinvesting.wordpress.com — 2008 was a tough year for Moody’s Corporation, with free cash flow (FCF) levels falling to 2003... levels, or $450 million. In our previous analysis, we argued that Moody’s economic moat has shrunk over the last couple of years, as its credit ratings for ... (more) Moody’s Intrinsic Value

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bloomberg.com - 4/7/2009

Default Count Rises to Highest Since Great Depression (Update1)

— bloomberg.com — April 7 (Bloomberg) -- Thirty-five companies defaulted in March, the highest number in a single month since... the Great Depression, according to Moody’s Investors Service . The rate at which speculative-grade corporate borrowers worldwide failed to ... (more) Default Count Rises to Highest Since Great Depression ...

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Depression

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calculatedriskblog.com - 4/3/2009

Credit Crisis Indicators

— calculatedriskblog.com — Here is a quick look at a few credit indicators: First, the British Bankers' Association reported that... the three-month dollar Libor rates were fixed at 1.166%. The LIBOR was at 1.30% a couple of weeks ago, and peaked at 4.81875% on Oct 10, 2008. This ... (more) Credit Crisis Indicators

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Credit Crisis

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Muni Bonds May Face Downgrade
IEHI Feed: The Hedge Fund Implode-o-Meter — Muni Bonds May Face Downgrade (nytimes.com) Search Enter your search terms Web HF Submit search form 2009-04-08 "Moody’s Investors Service assigned a negative outlook to the creditworthiness of all local governments in the United States, the agency said Tuesday, the first time it had ever issued such a blanket report on municipalities." ...

Late Afternoon Links 4-8
Rolfe Winkler — (Send links, videos, pics to optionarmageddon at gmail with subject “link” … Thanks to Bill C.—$30—for his donation!) (Reader note: Apologies on the tardiness of today’s lunchtime links. I was at NPR’s midtown studios recording an interview for their Planet Money podcast.) Today’s Must Read–Ten Principles for a Black Swan-Proof World (Taleb)  Erudition in the pages of FT. Roubini to Cramer: “Just shut up” (AP)  Roubini puts Cramer in his place.  Cramer responded to Roubini on air. Muni Bonds May Face ...

AzzHat Award: Barney Frank
The Market Ticker — ... burden on local governments, and this may have the unintended consequence of undercutting the simulative effect of the economic recovery package. Interest rates on full faith and credit general obligation bonds are already too high and there is not demonstrated record of default.  The House Financial Services Committee will be holding a hearing in early May to explore the unfair treatment of full faith and credit general obligation bonds.” Unfair?  What's unfair about this? In a special report made public on ...

Negative Outlook For All US Muni Bonds
Daily Markets — Negative Outlook For All US Muni Bonds By Michael Panzner on April 12, 2009 | More Posts By Michael Panzner | Author's Website Following the revelations of the past two years, there’s no doubt that the credibility of the big credit rating agencies leaves much to be desired. Even so, the fact that one of the majors has put every single municipal bond on credit watch, as Clusterstock reports in “Moody’s Downgrades The Whole Country,” is a development worth noting. The Federal government is still AAA, but every municipal debt issuer is now suspect and shaky according to Moody’s. For the first time ever, the ratings agency placed all ...