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. Got ratings? 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.
