Structured ratings

The market for collateralised debt obligations (CDOs) has experienced rapid growth since the mid-1990s. The advent of the collateralised fund obligation (CFO) is one of the latest advances whereby the underlying collateral comprises shares in a fund of hedge funds, instead of high-yield corporate bonds or bank loans.

Moody's Investors Service rated its first CFO transaction, Man-Glenwood Alternative Investment Strategies I, in June 2002. Moody's rated a second, Diversified Strategies CFO, SA,

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