Tag Archives: Moody’s
A lot of folks seem to be blowing their cool in the debate over the reinsurance “scandal” at American International Group (NYSE: AIG). Not least the rating agencies. Fitch, the quickest jackrabbit out of the box, downgraded the giant insurer to AA+ (still the agency’s second-highest rank) after AIG’s board kicked CEO Hank Greenberg upstairs as “nonexecutive chairman” and forced CFO Howard I. Smith to go on “leave.”
Shares of TECO Energy (NYSE: TE) fell to a new 52-week low today on word that Moody’s is reviewing the Florida utility’s credit rating with an eye to a possible downgrade. My guess is that Moody’s won’t take TE’s ratings down more than a single notch (from Baa2 at present).