Rating agency thumbs-up for microfinance CDOs

Standard & Poor's, which rated the first full capital structure collateralised debt obligation based on microfinance loans in May, has released a preliminary ratings framework for microfinance institutions (MFIs).

The first deal, BlueOrchard Finance, was brought by Morgan Stanley for BlueOrchard, the microfinance and emerging market manager.

"The origins of the report lie in an increased level of inquiry by the market and coincides with the inaugural transaction, but what we are doing is looking

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