“Companies are coming out of this recession with balance sheets that are as good or better than they were going into the last recession in 2001,” said John Tierney, a U.S. credit market strategist at Deutsche Bank AG in New York. “Leverage is lower, margins are better, however you slice and dice it.”
Thanks to FASB "flexibility" on derivatives everything looks better. These same rating agencies failed to acknowledge the risk of the financial sector in 2007-2008, so take the upgrades with a grain of salt.
Source: bloomberg.com
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