the 3 percent i want to mention the last time was in 2012 so three years ago the rating agencies moody's and s&p 500 have firmed our bond rating for moody's i didn't see and double a from s&p 500 that is a testament to management over the last few years because of the drought as well as the recent vicarious ability to say not to affirm our strong bond ratings in order to chief those results it took a lot of effort investor outreach with the local level by primarily to the constitutional investors those are the folks that buy the bond in big chunks there were a lot of people involved in the effort at the puc and water enterprise i want to give a shout out to steve richie it joined me in new york had one-on-one meetings are the bond experts and made a presentation to the bond spent as a result, the next day orders over one billion dollars that allowed us to go back to the underwriter with that kind of demand to jp morgan i mentioned vanguard one of the largest mature bond funds in the country they were at the presentation with steve and i put in one hundred and $29 million of orders very, very e

but i think it's relevant to look at what both moody's and s&p have done to russia's credit rating. russia has been downgraded to junk for the first time since 2003, 2004. now the responsibility of agencies like moody's and s&p is not to react to what the oil price is today but to think about how russia's economy is being managed, what the impact of sanctions is and how that affects the russian government's ability to meet its obligations not only to foreign creditors but to its people. and so i think that if we saw higher oil prices -- and i'm not going to speculate on oil prices like you mentioned. but i think that even if we see oil prices rise, the combination of economic mismanagement and the impact of sanctions has cast the shadow on russian economic prospects that is expected to persist, and one manifestation of that is the decision of the rating agencies to designate russian debt as junk. >> thank you, mr. chair. i don't have other questions. >> senator rubio. >> thank you. thank you all for being here. secretary nuland, in your statement you outline our goal as threefold, fi

s&p and nasdaq all down about 1%. here with his outlook for the markets and the economy, moody's capital markets chief economist john lonskibig sell-off what triggered this? >> market took a one-two punch from china and greece and china, they decided to put restrictions on the use of credit when purchasing shares. that doesn't bode well for their equity market which is probably badly inflating. we have more problems with greece as to whether or not another bailout. ashley: isn't that ho-hum greece has always been a problem. >> kicking the can down the road, i suppose the germans are at wit's end, i can't help but imagine a lot of people in germany are angry about negative interest rates. that's a country that likes to say. incredible to think that right now, the 10-year german goffed bond yield is less than one-tenth of 1%. ashley: they are paying for everyone else's folly. i want to talk about oil prices coming back. the dollar, strong dollar. what has all this done for corporate earnings. >> rough corporate. corporate earnings are down for a year ago. this is going to hold true for the first three quarters of the this ye

moody's downgraded the greek government bond rating with a negative outlook. this after s&p cut it's rating to just above junk earlier this month. greek stocks have been outperforming their counter parts in other countries. the athens index left it's neighbors trailing in recent weeks. let's also take a look at the european bond market. big moves in the german ten year and german bund yield. in fact highest in seven weeks. it continues to move. just about two weeks ago saying it's time to short the german bund and it's a crowded trade. let's take a look at the greek bond market. record high yields over the past two weeks but that fear is subsided over a potential greek exit. we've seen yields come down. the greek three year at 18.2%. the yield on the ten year at 11.2%. more on the greek story with the chief global equity strategist at goldman sacks is still with us. what we're seeing in the bond markets suggests that investors are not as worried about a potential greek default as they were two weeks back. is that how you feel as well? >> our view is that ultimately a deal