CPDO crunch

CPDO crunch

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Rating agencies clamp down on market value deals

Moody's and S&P placed over €2.4bn of CPDO paper on review for downgrade at the end of December. Coming after Fitch's draft proposal on market value structures (see last issue for more), the move has been seen as a manifestation of the agencies' growing aversion to rating transactions with 'knock out' features.

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