Isda says S&P got it wrong with definitions criticism
Standard & Poor’s Ratings Services’ criticism last week of a proposed change in credit derivatives documentation language was based on an out-of-date draft, according to an International Swaps and Derivatives Association spokeswoman.
However, according to the Isda spokeswoman, this language was removed from the most recent drafts, after negative feedback from end-users. “We now include language relevant to a determination that a credit event has occurred, and the publicly available information has to create a reasonable inference that a credit event has occurred,” she told RiskNews.
S&P did not respond to RiskNews’ invitation to comment on the issue. However, it is believed that the ratings agency will issue a new statement within a week regarding credit derivatives documentation language currently being considered by an Isda working group.
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