Why all the fuss about S&P? MBN didn't pay the coupon within 30 days, hence S&P moved their credit rating to "D" (i.e default) from "SD" (i.e selected default) - moving them to "D" before this given they had the cash to pay was the wrong move. Not moving them after would have breached their obligations.
Seems to be a lot of animosity towards anyone that is negative towards MBN. MBN is in serious trouble - the bonds are trading at 30c in the dollar. Bondholders sit above equity holders on the capital structure - so there is a 3 bagger for anyone buying bonds even if equity is worthless.
Disagreeing with someone is fine but confirmation bias is not a good trait for an investor.
standstill arrangements, page-36
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