REPORT FROM BLOOMBERG:
Bear Stearns told investors in one of its hedge funds that they won't get any money back after creditors forced it to sell assets at depressed prices.
A second fund still contains `sufficient assets' to cover the $1.4 billion it owes its parent firm, there's very little value left for the investors.
The funds faced `unprecedented declines' in bonds that were rated AAA or AA, the two top investment grades.
Lesson: It is possible for well-rated bonds to face unprecendented declines, and may lead to a 'credit event'.
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