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Moody’s: The blind leading the partially sighted

"Low sovereign default rate reflects buoyant global market conditions."

Moody’s apparently has something to cheer about this month. In an optimistic press release, the rating agency announced: "Low sovereign default rate reflects buoyant global market conditions."

Despite the report’s author, Elena Duggar, a Moody’s associate analyst, having attempted to make it clear that the report looks at an emerging trend over recent years, it does seem that the agency has been slow to realize that global markets are on the brink of collapse.

Maybe Moody’s next report will be titled CDO market on the rise followed up with a supplement on Easy credit for everyone.

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