
DBRS and Fitch consider bail-in boost for swap ratings
If agencies follow Moody's lead, S&P would be isolated
Two more rating agencies may introduce separate counterparty ratings for derivatives, following the lead of Moody's Investors Service – a step that would help legitimise the new thinking and could allow more banks to act as swap providers in structured finance deals.
Currently, swap ratings triggers and thresholds are tied to senior unsecured debt ratings, but DBRS and Fitch are considering introducing a separate – higher – scale, based on the expectation that losses will be inflicted on bonds
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