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Lower ratings can cut the value of existing bonds and raise future borrowing costs.
But the hope that it will has pushed up prices of the existing bonds.
We think we'll just hold onto the existing bonds,' " he remembered.
Salomon has an oversupply of the principal portions of existing bonds but a shortage of the interest-rate portion.
Only one small part of the vast underground garage -- the only part financed under the existing bonds -- is being built.
Private sector creditors will swap or roll over 135 billion euros of existing bonds into new, longer-term instruments.
Olivetti, which controls Telecom Italia through its Tecnost unit, would be the first borrower to link all of its existing bonds to credit ratings.
The accord was for compensation equivalent to 54.78percentt of the face value of existing bonds, or about $120 million at the time.
If all goes as hoped, the value of existing bonds issued by the enterprises will rise, providing profits to banks and others that own them.
Argentina wants investors to exchange some of 46 existing bonds, most of which mature before 2006, for five longer-term bonds to stretch out financing costs.
That debt would essentially replace existing bonds issued in the 1970's to help the city out of its fiscal crisis.
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CEO of Professional Science Editing for Scientists @ prosciediting.com