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Sotheby's Credit Rating Goes to Junk

May 5, 2009 by Marion Maneker

Both Bloomberg and Dow Jones report the demotion of Sotheby’s credit rating to BB- by Standard and Poor’s. The heart of the matter is the whipsaw between Sotheby’s increased borrowing to buy back its headquarters building from Aby Rosen and the retreat in auction volume that threatens to impede the firm’s ability to service its debt.

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