Slovenia stunned investors when it halted a bond sale just before
Moody's Investors Service downgraded the country's debt to "junk." Slovenia was wrapping up a successful sale of five- and 10-year dollar-denominated bonds when it announced it was calling off the deal. A little over an hour later, Moody's said it was cutting Slovenia's sovereign rating to Ba1 from Baa2, downgrading the country to below-investment-grade status.
"This is pretty rare. I've been doing this for a long time and I don't remember this happening before" said Paul McNamara, investment director at London-based GAM, which manages about $53 billion.