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Rating challenges

Category: Capital Relief Trades ABS

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Limited appetite for rated senior mezz

Issuers have typically refrained from seeking ratings on the senior mezzanine tranches of dual-tranche capital relief trades, due to stricter eligibility criteria, cost considerations and the fact that most SRT investors don’t need ratings. Nevertheless, rating senior mezzanine tranches is one way of attracting new investors to the sector (SCI

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