"Toys “R” Us sold the bonds in October 2016, less than a year before it filed for bankruptcy. The largest portion of the offering received AAA ratings from S&P Global Ratings and Morningstar Credit Ratings. The $63 million Class F piece of the deal, which would be the first to take losses, had junk ratings." i see the similar pattern when the rating agencies where giving out outrageous ratings to the junk MBS back then. I think there is a big correction on the horizon.