Standard & Poor's Ratings Services
slashed some 26,300+ mortgage-related securities bonds in Q309. Bloomberg
has the scoop on the downgrades in a posting today
It marks a record quarter of mortgage bond downgrades for the credit-rating agency -- an achievement not lost on industry players, one of whom thinks that a contest for a slogan for S&P is now in order. The ratings agency does not widely use a slogan currently.
After all, it's not every quarter a credit rating agency takes so many ratings actions. Or at least, let's hope not.
This particular source figured S&P's new slogan should reflect that achievement.
These are a few suggestions from source on a trading desk somewhere in the vicinity of Manhattan:
Downgrading America, one loan at a time.
Give us 15 minutes, and we'll downgrade your loan.
When in doubt, downgrade it out.
S&P, that's the name, and away goes your rating down the drain.
Good to the last downgrade.
I can't believe I downgraded the whole thing.
Don't downgrade a home with out it.
Celebrate the downgrades of your life.
I am stuck on downgrades, cause downgrades stuck on me.