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1.Who was the first person involved in rating bonds?In the early days, how were bonds rated? 2.What are the three agencies that currently rate bonds?How

1.Who was the first person involved in rating bonds?In the early days, how were bonds rated?

2.What are the three agencies that currently rate bonds?How do the three agencies classify a downgrade? Why is a downgrade a serious issue?

3.How does a flight to quality occur in the debt market? Relate this type of action to the events in the autumn of 2008.

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