Moody's Investor Service as well as Standard and Poor rate not only corporations but sovereigns, i.e. countries, as well. Most institutional investment firms have rules prohibiting them from buying government bonds issued by countries with a low, speculation-grade rating. Only blue-chip (Aaa=light color) and high to medium grade countries (Aa-Baa3=dark) are considered investment grades, all other countries (Ba1 to C) therefore did not even show up on these investors' radar screens in 2005.
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