It's a tough time for ratings agencies
The pressure not to downgrade companies right now is immense.
At the same time, ratings agencies have to do their jobs and a company that's currently yielding 9.1% isn't worthy of an AA+ rating, especially when the underlying asset they sell is only worth $29.21. Heck, it's barely worth an A-rating.
The big wall is the BBB- level. There are many billlions of companies right on the cusp of being downgraded to junk. That's going to kick off a wave of forced selling.
