While I disagree with the rating S&P gave Sky, it is absolutely wild to see people applauding it. B- rating isn’t like a B- letter grade. It’s more like a D. S&P started with a low anchor rating of BB and decided to move them halfway to *in default*

B- is not a good rating. Sky should 💯 be working with S&P to rerate in 6 months. Seeing people try to spin a B- *for a stablecoin* as a good thing is 🤯 I don’t understand who decided to publish the rating instead of keeping it confidential, as they could have chosen to do

I think this *also* demonstrates that S&P is not yet prepared to rate this stuff. Given that Moody’s has rated stablecoin-like things such as @OpenEden_X’s TBILL (A rating), I would generally recommend projects seeking a TradFi rating to use them for now