Editor's Choice for April 27

Falling standards for junk? Floyd Norris cautions investors interested in the lofty-looking yields on some junk bonds–in his April 24 column "Subprime: Corporate Version" in The New York Times. Calling the current crop of junk "the worst junk ever," Norris notes that 27% of it is rated "Caa to C" by Moody's–ratings "that once rendered a borrower ineligible for a loan." Caveat emptor.