No sooner do I find that Moody's is changing its policy than the giant credit rating agency decides to postpone the change.
Gail Sussman, group managing director of the public finance department at Moody's Investors Service, sent out an email today announcing that because of the uncertainty in the markets, her company is delaying its plan to rate public and private entities the same way.
For the time being, and perhaps a long time, that means the longstanding policy will remain in place.
So Bristol can be happy with its AA3 rating, which is pretty high for a city with its economy and demographics.
There's more to say about this whole thing, but let me put it into something coherent later in the day. Check back.
Copyright 2008. All rights reserved.
Contact Steve Collins at email@example.com