Bonds now essentially IOUs written on used napkins

Moody’s downgrades Jefferson County’s sewer credit rating for the second time this month- al.com

They cut the hell out of the bond rating, all the way to Caa3, six notches below where it was and only two above the lowest junk rating. They also cut the rating for other county debt, though none of that is down to junk status yet.

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2 responses to “Bonds now essentially IOUs written on used napkins

  1. Makes me think of Dumb and Dumber…

    “That’s as good as money sir, those are IOUs”

  2. Pingback: links for 2008-03-29

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