The triple A government bond is dead. Long live the double A bond.
The global pool of government bonds given a top triple A “risk free” rating by all three main credit rating agencies has fallen 6 per cent over the past year and by more than 60 per cent since 2007, according to a Financial Times analysis.
If ratings from the three rating agencies are averaged, the pool of government bonds in the double A band has overtaken the triple As to become the largest category in sovereign debt markets.
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