Monday, December 8, 2008

Tribune Files For Bankruptcy, Fitch Downgrades Debt

In a widely anticipated move, Tribune filed for Chapter 11 bankruptcy protection this afternoon.  Despite the many headlines in the morning warning of a likely bankruptcy filing by the newspaper outfit, the crack analysts at Fitch waited until AFTER the bankruptcy filing to downgrade the company's debt.  Furthermore, the crack reporters at Market Watch reported the Fitch downgrade as if it was relevant news.  Because somewhere an investor must care that the bonds he holds of a now-bankrupt company have been downgraded to 'D' from 'CCC.'  Mock the Market's new rating for Fitch? F-!   

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