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I didn't realise until reading it yesterday, that for some agencies, there is a rating below C: D.
Bond credit rating - Wikipedia, the free encyclopedia
Moody'sStandards & PoorFitchCredit worthiness - C C The obligor is CURRENTLY HIGHLY-VULNERABLE to nonpayment. May be used where a bankruptcy petition has been filed. C D D An obligor has failed to pay one or more of its financial obligations (rated or unrated) when it became due.
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