Please note how this news was not reported until late in the afternoon EST time and well after all the markets around the world were closed for the weekend except the NYSE. It would have definitely rained hard on the European markets if the news were released during those market hourse: BES Files BK
The Wall Street Journal reported it at 3:28 p.m. EST.
Interestingly, it would seem that the ratings were given a heads up yesterday, as S&P and Moody’s “coincidentally” downgraded the credit ratings a day ahead of the filing: BES credit downgrade.
My only question is: “Who holds the credit default swaps, baby?!” Better check your bond mutual fund SEC filings…