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" ... A credit rating is simply one firm's view on the probability that a bond issuer will repay interest and principal in a timely manner. In cases where a credit is trading at a significant discount to par, the assigned credit rating is much less meaningful, as the market has already priced in the expectation of losses due to default. If a bond is trading at $65, yet its claim on underlying assets/collateral is worth $70, the rating assigned has been essentially neutralized. This situation is prevalent today among nonagency mortgage-backed securities. ... "