Athilon Capital put on rating review

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Moody's Investors Service placed the AAA counterparty rating of credit derivatives product company (CDPC) Athilon Capital on watch for downgrade on July 9.

CDPCs write protection on senior credit default swaps and tranches of securitisations in exchange for a premium. The review for downgrade relates to exposures to two collateralised debt obligations of asset-backed securities (CDOs of ABSs). The ABS market has been in the doldrums since August last year, when the US subprime residential

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