Rating Agencies

“We've done just this year, multiple securitizations. There's now ratings in this industry, so the rating agencies are able to provide ratings to these assets, which is now led for broadly syndicated securitizations, which brings new capital partners in.”

“But if a company has six times leverage, typically it will be rated triple C by the agencies. It's just The convention , they have an impossible job of trying to put a lot of risk factors in just a handful of buckets. So one is leverage and that triple C ratin…”

“Tesla was not investment grade that even it was approaching a trillion dollars in market cap.”

“Trying to quantify credit is something which has never worked and I don't think ever will, because you're basically saying, okay, these guys at the rating agencies, they did it right, or I'm missing the motivations of the underlying leverage.”

“The CDOs were non-mark to market vehicles unless and until they were downgraded. And once they were downgraded, it was price discovery free for all. And that was the end of it. That was the point of no return.”