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What's frustrating for me is I don't know how much to trust the ratings agencies any more after their involvement in the 2008 financial crisis. Moody's in particular was fined over $800 million. Admittedly part of that is ignorance of how the agencies have performed overall, but that is such a strong black mark. Trust is one of those things that once lost is hard to regain.

Maybe we can trust the bad ratings but not the good ones :P

It was junk when it was issued, so this isn't necessarily what caused market motion.

True, but their new borrowing rate is about 7% and last year it was 3% I think.

In a few years time we may look at the confluence of events as the beginning of the pricking of the bubble.