A questionable call by the credit agencies occurred with the issuance of worldcom bonds in may 2001. Worldcom issued an American record $11.9 billion of bonds, of which $10.1 billion was new financing. Standard & Poor’s reted worldcom and the massive debt issue investment grade, with a BBB+; Moody’s rated it A3.11 The massive offerment banks as the underwriters come with a robust analysis by the investment banks as the underwriters and by the credit rating agencies.