That's a huge move, and not their only vote of confidence this morning. BAC => A from BBBBanponce => B- from CCCEdison Mission Energy => CCC from CGMAC => BB from BB-Sears => B from CCCRBS => BBB+ from BB+Nokia => BBB- from BB- OTOH, Ford => BB+ from BBB-RBS is interesting. After the news hit them, the price on their bonds fell. Predictably, the selling was overdone, and I got into the 4.7's of '18 mid 60's and emailed a friend, "Hey, you really ought to take a look." His entry wasn't quite as good, but the bond is now above par, and we're both sitting on fat cap-gains, as well as a decent CY.
BAC => A from BBBBanponce => B- from CCCEdison Mission Energy => CCC from CGMAC => BB from BB-Sears => B from CCCRBS => BBB+ from BB+Nokia => BBB- from BB-
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