At the end of March, rating agency Fitch shocked the securitisation world by releasing a study accusing its rivals, Moody’s Investors Service and Standard & Poor’s (S&P), of suppressing competition in the rating of collateralised debt obligations (CDOs). Fitch says three-quarters of senior structured finance executives oppose notching. This is where a rating agency, when it is developing an overall rating for a CDO, automatically adjusts downward the ratings on bonds and loans included in th
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