“TO BE HONEST, it scares the hell out of me.” The American bond fund manager had never had to think much about MBIA’s credit. The ratings agencies did this for him and for many others. So when the financial guarantor’s credit spread almost doubled in April, following an earnings restatement, the shock spread around the global bond markets. The ratings agencies quickly reaffirmed their AAAs on MBIA and its spreads began to narrow back again.
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