Moody's methodology change sparks controversy

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The first wave of rating actions on European financial credits by Moody's Investors Service following a change in rating methodology began at the end of last month, causing widespread consternation and apparently influencing credit market pricing and demand for basket credit derivatives trades.

Stuart Wain, head of credit solutions at JP Morgan in London, says the impact of the change in ratings methodology has been particularly noticeable for Icelandic bank credits. "They rallied quite hard

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