Bear Stearns Bond examine?

Are Stearns' bonds correctly rated by S&P/Moodys base on recent events? Ref cusip 073902CF3.
BS has a 3.25% maturing 3/25/09 rate BAA1 priced at 91.
If JP covers BS bonds shouldn't the BS bond have a better rating?
Where is the risk that justify the .91 price?

Any benefit to investing contained by mutual...



Answers:    JPM has not taken over Bear Stearns however. If the BS shareholders approve the deal, once finalized their bonds will probably be re-rated.

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