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Likewise, the danger of being downgraded by a credit rating agency has been wildly overstated.
In a broader setback, Spain joined Greece and Portugal last week in being downgraded by Standard & Poor's, the rating agency.
LG Card needed the bailout to meet capital rules and avoid being downgraded by credit rating companies.
Most of this was highly rated, but so rapidly have subprime-mortgage defaults risen that even this "super-senior" paper is now being downgraded by rating agencies.
In the bond markets, Italy has succeeded in selling almost €5bn of government debt despite being downgraded by Standard & Poor's on Tuesday night.
Beyond this, there are fears for Britain's economic recovery, the spectre of government debt being downgraded by the ratings agencies, and the associated worries about sterling.
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Greece had already been downgraded by Standard & Poor's.
Latvia's credit rating was downgraded by Standard & Poor's.
It has already been downgraded by one ratings agency.
Both Tyco and CIT were downgraded by Standard and Poor's, and Fitch Ratings downgraded CIT.
* Fruehauf Corp.'s senior debt and subordinated debt ratings may be downgraded by S.&P.
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