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What seemed to concern investors the most was that unlike other downgrades of bond insurers, which were the result of a lack of capital, S&P said it cut the rating because it believes that CIFG lagged its competitors in business volume and hasnt developed a strong franchise.
Rather, the American version is called adjusted community rating, because it does allow insurers to adjust the community-rated premium for the age of the applicant.
For example, in an e-mail message from November 2004, an analyst wrote that he was unsure of providing a particular rating because it could hurt revenue.
S&P's own report explains that it cut Spain's rating because it believes the country's "real GDP growth" will average just 0.7% over the next six years.
The credit ratings agency Moody's took a dim view of the deal, downgrading Reynolds & Reynolds' credit rating because it would saddle the company, which is valued at about $5 billion, with too much debt.
A storm like Florence would have a high IKE rating because it was a big storm — one that expanded as it neared land — with powerful winds extending 200 miles from the eye.
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Years ago, when Microsoft started pushing Internet Explorer, it enjoyed favorable adoption rates because, well, it's already on there, so why not use it?
But he insisted he would not restore the 10p rate because "it never did the job of getting people out of poverty".
But the IFS says Denmark successfully collects its high top rate because it has no dodges: the rich can be taxed if reliefs are blocked.
But the licensing agreement expired in April and Nokia thinks it should be paying a lower royalty rate because, it says, it controls important technology with its own patents.
"They are getting it at cheap rates, because it is last-minute inventory," Mr. Cummings said.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com