This is a fascinating example of what 'data-mining' can add in our industry - bravo GSA!

What's really eye-catching is just how much of the stock they estimate to be B/B- (51%) relative to B+/A (29%) - the same goes for A+ - (3% ) - the data clearly is not normally distributed (in fact its profoundly skewed and kurtotic) which just shows us how inefficient the market really is ... equally you can see the effect that skewing has on price multiples - leaving aside a mean 32x multiple - if the stock of A quality is 22% of what you'd expect then the premium paid will go up. BTW - these price multiples are extraordinarily high ...