To get the same yield, an investor would have to buy a lower-rated bond, such as a 15-year double-A-rated bond or a triple-B-rated bond maturing in eight years.

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It sounds like the plot of a B movie Bond rip-off.

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In the event the ratings agency cut Greek long-term bond ratings by two notches to B from BB- and said that the outlook may bring a further weakening.

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The holder of a bond rated single-B gets scarcely 3.5 percentage points of premium to compensate for what are sure to be nasty losses of principal whenever a recession hits.

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In contrast, the yields on the Italian ten-year bond have just risen slightly (line b).

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