Moody's has downgraded El Salvador Sovereign Debt in the light of their recent Bitcoin purchases. This is a good time to remember that Moody's have conned the investors once during 2008 sub prime crisis by issuing sellout ratings to companies of shady background.

When all these rating agencies are in line to issue OR have already issued their latest ratings to companies/countries/states/etc holding cryptocurrency in their balance sheet, this could be a good time to remind ourselves that these rating agencies have shown their true colours once when they had rated the likes of Lehman Brothers with a stable rating. (That they are capable of conning the common investor with their duplicitous analysis.)Many prominent leaders have commented on this issue- one of them is by former principal deputy associate attorney general Bill Baer, who had to say this about Moody's:"Moody's failed to adhere to its own credit rating standards and fell short on its pledge of transparency in the run-up to the Great Recession."This is not just true for Moody's but every other analysts would have a price attached to their heads. If you have connections and you sit in an influential position, you could pretty much influence the ratings of a bankrupt company.So a friendly reminder- most of these ratings don't mean shit.

Submitted January 17, 2022 at 01:59AM