It's a billion-dollar business, but most of it goes to the major-league-affiliated teams (Class A, AA and AAA), which break even only by dint of help from their major league parents.
The Bear Stearns fund performance "reflects the unprecedented declines in the valuations of a number of highly rated (AA and AAA) securities, " Bear Stearns told investors in a letter circulated late Tuesday.
Everyone knows August was a volatile month after the downgrade of U.S. credit from AAA to AA on Aug. 5.
On Friday Ambac saw its crucial financial strength rating cut to "AA" from "AAA" and the bond insurer's plight is likely to have far-flung effects.
The sophisticated design makes charging batteries foolproof since up to four multiple-sized batteries (AAAA, AAA, AA, C, D, 9 Volt, and lantern batteries), can be charged simultaneously.
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Currently, 80 percent of the bonds issued in China are backed by State credit and most of the rest come from large companies that have AAA or AA ratings.
Plus, world trade is conducted in dollars, so long as the dollar remains the global benchmark currency, going from AAA to AA and maybe even AA- someday will unlikely impact demand for U.S. government bonds.
It could lead to the loss of jobs, primarily, because as the US credit rating goes from AAA to AA which would be the most likely downgrade credit default swaps, or insurance on bonds, would increase for corporate bond issuers.
Many mutual funds and sovereign wealth funds (SWF) would instantly be forced to either change their investing covenants from AAA-only, to allow for the purchase of AA bonds.
The IOUs were rated AAA but yielded 100 basis points (that is, a full percentage point) more than comparable maturity AA-rated corporates at the time.
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