Lehman adds Fitch to its indices

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Lehman Brothers sparked a wave of market activity at the end of January with its surprise announcement of a change to the way it rates bonds on its global indices.

Lehman said that, from July 1, it will include Fitch Ratings on its indices, thereafter using the middle rating of the three major agencies to rate securities, instead of the current lowest-rating methodology.

The announcement heralded an immediate recovery of spreads on bonds most at risk of dropping off the investment-grade index – n

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