well, institutional oversight worsens.
first, it was the, indexers. now credit agencies...but unsurprising, given no repercussions from GFC.
agencies are a great biz, per warren...no scandal nor incompetence too large.

per einhorn\greenlight :

'...demonstrating even more questionable behavior than the equity holders, the rating agencies have assigned SPCX an investment-grade credit rating. According to Moody’s, SPCX has the capacity to become one of the largest non-financial investment-grade borrowers, even though it isn’t expected to be cash flow positive for years. We can’t find any other examples of investment-grade ratings being awarded to a company with a multi-year forecast of negative free cash flow and no history of generating free cash flow...'