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Isn't the "bad" signal here use of such an outlier agency to begin with?

As in "main ratings agencies" see no reason to bother

It’s a fair point. It’s certainly not good but that doesnt = bad. It could be an artifact of FT deciding to report on a nothingburger.

I’d reserve judgement until i see them report more detailed financials and the big ratings agencies step in with assessment.

At least this thread has investment grade copium