joinsnow joel lovington us with bloomberg intelligence.is quietly expert on credit default swaps and credit dynamics within the market. i loved your research note out an hour ago on this announcement by tesla. give us your single and immediate observation. joel: certainly the deal enhances the company's liquidity and continues to put pressure on its views of risk. iquidity is off the table and think the market gets it. they view tesla as a quasi-investment grade company at this point, which is in stark contrast to the raiders, which have a three or four notches , whose bonds traded 100 basis points wider than tesla. tom: dan ives makes it clear this is time elon musk is "out of the red ink." can you actually look at this transaction and tesla and say they will see rating upgrades from the different rating agencies? joel: that is a great question and the answer is they will not despite the $5 million of additional financial flexibility. the raiders just upgraded the company two notches for s&p in july and one for motors -- one for moody's.