Morningstar’s big bet bond rating hit turbulence


In mid-November, bond investors got an unwelcome surprise from a major rating firm in one hot corner of the bond market: about 25%of the bonds, it already has are likely to be degraded.

A few days later, the calls poured in from confused investors, rating company DBRS Morningstar Inc. Setback, saying it made a mistake. It is not possible to upgrade approximately 25% of the bonds and the downgrade only about 3 per cent.

“It’s…

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