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Good and fair points. Once we enter the realm of holding companies things can get odd for bonds so I have no argument.

I treated the exercise using the last one holding the bag approach. It takes some fancy legal tap dancing to spin the thing off before the debt holders get their claws into things. What things they can get their claws into are interpreted by the courts based on the language of the debt issue and legal precedent.

I am willing to bet dollars to donuts that they financed their debt using the best rating they could which could be the holding company or the subsidiary. The holding company's rating matches the listed bond rating, coincidence or because that is the link? Hard to tell with the little scratching the two of us have done.

caveat emptor

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