Nomura analyst sceptical about Nera's ratings study

Moody’s Investors Service awarded a contract to Nera, a Marsh & McLennan company, back in late 2001 to conduct an independent study of structured products ratings processes. Published last week, the study investigates if differences in rating agencies’ methods create systematic differences in the performance of rated structured finance products.The impetus for the study was the contentious issue of how, when rating a structured finance transaction, agencies treat underlying securities that

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