I can’t help but comment on the news today that FitchRatings has downgraded the rating of corporate financier Hanover Finance Limited to a "D" rating. So what’s wrong with that you ask?
Bear in mind that it’s a full five days since Hanover suspended repayments of existing deposits.
Am I misinformed or are credit rating services actually meant to give us relevant rating information before situations deteriorate for these companies? Aren’t they in existence purely for the reason of informing the investing public and institutions?
I wonder how much investors pay to obtain Fitch’s "subscriber only" analyses – my advice – you’re just throwing good money after bad.