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Bond Ratings

At some point in this bond raising process, Facebook will have to receive a credit rating for its bonds. “Rating” is sort of a balance sheet beauty contest where the judges are Standard & Poor’s and Moody’s. The key question asked in this beauty contest is not, “Are those real?” but rather, revolves around whether or not Facebook can repay its debt when it matures. Simple.

For a long time, the famed Warren Buffett owned stock in the bond rating agencies. He thought that they wer...

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