Word: aas
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Dates: during 1960-1969
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After every detail is weighed, the committee hands down its decision in a terse alphabetical shorthand. At Moody's, which pioneered the rating system back in 1909, the four top grades are Aaa, Aa, A and Baa, ranging from prime quality to faintly speculative. Standard & Poor's goes in for the upper case: AAA, AA, A and BBB. Dun & Bradstreet, which also owns Moody's but makes its own independent assessments, spells out its scale: prime, better good, good, medium good...
...usually arrive at comparable ratings, Moody's has the reputation of being more conservative, while Standard & Poor's gives greater consideration to future prospects. Last October, for example, Moody's bumped New York State from its prime rating of Aaa to a high-quality rating of Aa because of its concern over the state's need to find new sources of tax revenue. Standard & Poor's stuck by its AAA rating, and so did the bond market, which snapped up the New York bonds without hesitation. Deep in debt from urban renewal, Baltimore last month...
...real differ ence, Wall Streeters insisted, and not a plea by the National Association for the Advancement of Colored People for investors to boycott the state. The next day two Mississippi school-improvement issues totaling $8,775,000 were snapped up by two New York syndicates. Moody's (Aa) and Standard & Poor's (A) had decided that the school bonds had enough gilt on their edges...
...make a sterner test of it. Off Newport, R.I., this summer, two new British twelves will fight it out for the right to challenge the U.S. in the best-of-seven series. They are Sovereign, owned by London Financier Anthony Boy den, 36, and Kurrewa V (pronounced Coo-roo-aa),* jointly financed by British and Australian money and skippered by British Yachtsman Owen Parker...
...AA standards for assistant professors and instructors this year were $9,740 and $7,330 respectively. These standards of compensation include all fringe benefits such as provisions for retirement pay and insurance...