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The new DfE table will sharply downgrade the effect of GCSE equivalents and avoids the flaw of the current format, which requires students to gain at least a C at GCSE level to count as a pass.
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Should GM be downgraded, the effect on the high-yield market may be profound.
The rebound magnitudes were shown to be negatively associated with the level of retail fuel prices, indicating that imposing carbon taxes might be a favorable way to downgrade the rebound effect.
Moody's says it downgrade was triggered by the effect that competition from the deep-discount cigarette market has had on the company's results.
Some bond insurers have been trying to raise capital to thwart a downgrade to their credit ratings, the effect of which would be to cripple new business.
The effect of downgrades from Moody's Investors Service and Standard & Poor's were exacerbated by a poor earnings report.
These have already risen sharply as investors have pre-empted the rating agencies' move.Investors are also fretting about the effect of downgrades on existing debt.
It's just that the effect of a downgrade is out of proportion to the information it conveys.
So the effect of a downgrade on borrowing costs will be more muted.Another charge against the agencies is that ratings of local-currency debt are pointless.
Morgan Stanley has played down the effect of a downgrade, saying only 8 percent of its derivative contracts have rating triggers that could immediately prompt customers to move their business.
The effect of the downgrade is to make some investment managers less likely to hold onto these bonds - because their investors, which could be your pension fund, demand they only hold ultra-safe debt.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com