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Subprime commentary
•
Default of subprime loans confused with
defaults on AAA-rated U.S. RMBS
securities
•
No AAA-rated U.S. RMBS security has
defaulted
–
Through Nov 27, of 2,938 rated between
1Q 2005 and 3Q 2007, only 1.12% have been
downgraded, and none below BBB
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