CPDO ratings get thumbs-down at credit risk summit

Rating agencies have come under attack once again for assigning ratings to constant proportion debt obligations (CPDOs), during a panel discussion yesterday at the 2007 Credit Risk Summit Europe, held in London by Credit sister publication Risk magazine.

The idea of rating CPDOs and other structured products has caused rancour, as their expected loss effectively relies on the success of a trading strategy and has little to do with creditworthiness, panellists revealed. Moreover, the strategy they

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