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Atlas Pipeline Partners, L.P. Message Board

  • vickersviscount vickersviscount Mar 17, 2009 10:31 AM Flag

    Management needs to respond to Moody's

    they need to get out in front of this and be pro-active. . .according to conference call, they do have a plan, so let's get it out there!

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    • Management does not need to waste their time with Moody's. MOODY'S IS PURE GARBAGE.

      Ratings Agency Reports Called Worthless

      Monday, March 16, 2009 3:49 PM

      By: Michael Kling Article Font Size

      Standard & Poor’s and Moody’s are worthless and should be ignored, argue Jerome S. Fons, former managing director at Moody’s, and Frank Partnoy, a law professor at the University of San Diego.

      Investors and regulators should drop rating-related language from contracts. Instead, they should return to good old-fashioned judgment.

      Credit ratings can mean the difference between life and death for a company, but the agencies should get F’s for failure, Fons and Partnoy assert in an editorial in The New York Times.

      “No one has been more wrong than Moody’s and S&P,” they write.

      They gave stellar marks to large but troubled companies such as AIG and Lehman Brothers. Mortgage-backed assets now called toxic got AAA ratings until recently.

    • Thanks and a great buy at $3. I agree this was a great buying opportunity since the market already knew the company would have to do some asset selling. This was a shakedown to get some cheap shares from weak hands. It works everytime!

    • Imagine how the stock might drop if there was a real downgrade. These rating agencies might just be a tool of the hedge funds wanting to trade stocks up or down. Agencies can announce they might up or downgrade just about anything and the speculators trade the market wildly.

    • P.S. Good luck with your units!

    • I agree! The drop was way over the top! and management needs to respond with public announcement.

      • 2 Replies to drmichaelknightuwgb
      • Moody's making an announcement is no reason to say anything more on the subject until some part of the company's plan is "finalized" as by a written agreement to sell some asset.

        The company has already mentioned its restructuring moves in the ATLS conference call and the APL conference call. Anyone who sold in a knee jerk response to Moody's could not possibly have been paying attention.

        In point of fact, a downgrade before an asset sale could be beneficial in the short-term. If you noted from all sorts of sources, in December APL bought back some $60 million of debt for $40 million due to the market value of the debt being reduced. Wouldn't it be sweet if they could pull that sort of play off again, buying back debt at a fraction of market and using the proceeds from an asset sale to do so.

      • Fat chance.

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