The squeeze is on - The clampdown on CDO ratings

Proposals by credit rating agency Fitch Ratings to implement a new, hardline methodology for corporate collateralised debt obligation ratings, announced in February, shook the market. Following the turmoil in the asset-backed securities market over the past few months, highly strung credit market participants remain nervous about the impact a rating agency methodology change could have on other parts of the structured credit world.

The stakes are high. In its February report, Fitch estimated that

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