CDO exposure to Parmalat €660 million, says Moody's

Moody’s added that 61 of these CDOs are European. The other four are US. The total exposure to these products is €660 million, Moody’s said.

Parmalat last week narrowly avoided defaulting on a €150 million euro bond, missing the initial payment data. But fears remain that it will not be able to pay back the outstanding €7 billion of bonds.

And Parmalat added to concerns today when it revealed a €4 billion hole in its accounts, created when a document detailing offshore investments was declared to be false by Bank of America.

Credit default swaps for Parmalat were today bid at 64%.

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