Countryfried cut to junk

This morning:
Bank of America Corp., the second- biggest U.S. bank, said it may not guarantee $38.1 billion of Countrywide Financial Corp.'s debt after taking over the mortgage lender, increasing the likelihood of a default.

"There is no assurance that any such debt would be redeemed, assumed or guaranteed," the bank said in an April 30 regulatory filing, adding that no decision has been reached. Investors had grown more optimistic the bank would back Countrywide debt, and Standard & Poor's said this week it may raise Countrywide's rating to

This afternoon:
Countrywide cut to junk by S&P

Does Bernanke panic here and guarantee CFC's garbage to save the deal? JP Morgan got the Fed to take all the risk in the Bear Stearns deal, so why shouldn't B of A get the same treatment? Nice precedent, Bernanke.

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