Moody's hybrid methodology

Talking point

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Georg Grodzki - Global head of investment-grade credit, RBC Capital Markets, London

We are not known to be kind to rating agencies, but the outrage over Moody's recent actions sounds hypocritical to us. The agency's mistake was not to invite market comment on its vaguely worded plan to widen the notching between senior and hybrid securities. Moody's was only doing what the market and regulators have been demanding for years: making its processes more transparent and subject to public scrutiny.

If

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