Looks like bond ratings mean diddly squat
Joe Weisenthal
@TheStalwart
Sep 25
PIMCO faces an 85% wipeout on a AAA-related bond for a Philadelphia office complex. Great read on the state of CRE in some of these non-prime markets bloomberg.com/news/articles/…

Sep 25, 2026 · 9:21 PM UTC

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Replying to @bubbleboi
Please consult the chart of vibes ratings agencies:
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Replying to @bubbleboi
That was one of the main lessons of ‘08
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Replying to @bubbleboi
Did you just go short or something
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Replying to @bubbleboi
Yes. Appraisal value of over $470 million in 2019 was a JOKE. $100 million ‘bond rating premium’.
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