DBRS and Fitch doubt CPDO stability

Two rating agencies have published reports on constant proportion debt obligations. The move comes as the evolution of managed CPDOs heralds a second generation of issuance of the product which first hit the market last year.

Derivative Fitch’s report, ‘First Generation CPDO: Case Study on Performance and Ratings’, looks at the potential performance and ratings of the first generation of CPDOs and examines the structure’s core vulnerabilities. The agency, despite being asked to rate several of

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