Moody’s Investors Service

Ambac makes $1.539bn derivatives gain

Ambac reported a massive $1.539 billion mark-to-market gain on credit default swaps (CDSs) in the first quarter – an upswing largely due to its own deteriorating financial condition.

Ratings redux

Rating agencies have been lambasted for perceived failings in their collateralised debt obligation (CDO) rating methodologies. The leading agencies have published revised methodologies, but has it swung too much the other way? With the CDO market in the…

NYSID causes first monoline CDS default

An auction is to be held to settle credit derivatives linked to Syncora, the monoline formerly known as XL Capital Assurance, after a committee declared a credit event to have occurred on the firm on May 1.

Moody’s bids to improve RMBS process

As the US subprime mortgage crisis shows little signs of relenting and few new securitisations are coming to market, the process of identifying what went wrong and how future calamities might be prevented has commenced.

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