Arnold, who has a "neutral" rating on Merck, says the split ruling could "reignite" investor concerns.
FORBES: Merck's Uncertain Future
Split-rated bonds are simply bonds that are rated differently by the rating agencies.
FORBES: One Rating Agency's Junk Bond Could Be Your High-Yield Treasure
They split the security into different partitions of risk, each with separate yields, but all under the same rating.
FORBES: AAA Ratings Are A Grim Fairy Tale
Pundits are equally split over whether the President and Congress can cut a deal to avoid another economic catastrophe and US downgrade by the rating agencies.
FORBES: Buckle Your Seatbelts, Here Comes the Fiscal Cliff!
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