Editorial: Ratings in moderation


Richard Jory

It looks as if it may get a lot more complicated for banks to sell structured products to institutional investors in Europe, though it hasn't happened yet. For banks, read subsidiaries of foreign banks; and for institutional investors, read pension funds and insurance companies, which are banned from buying products issued by entities rated below Single A by Standard & Poor's (S&P).

Many institutional investors are bound to buy only well-rated assets, which often means those that are Single-A or

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