@unusual_whales To be clear: "Selective Default" means Can Pay but Won't Pay. it is a special note the agencies place on a credit where the borrower has coerced lenders in some way. It is WORSE then a regular default. You do NOT want to be a CEO or CFO with this scarlet letter next to your name.
@VolMachine Reminds me of ATP Oil & Gas (same courtroom too). Audible gasps when the CFO couldn't come up with when the pipeline to the FPSO would be completed