Delphi default prompts CDO shake-up

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The filing for Chapter 11 bankruptcy protection by Delphi, the largest US auto-parts manufacturer, has sparked a flurry of downgrades to US and European collateralised debt obligations (CDOs).

All three of the major rating agencies have warned about the negative impact on CDO ratings following Delphi's bankruptcy filing on October 8. Standard & Poor's (S&P), for instance, has taken action on 166 synthetic CDOs in both Europe and North America. The agency lowered the ratings on 127 synthetic

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