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To: yard_man who wrote (50919)	12/26/2000 10:28:37 AM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

ever since the credit rating agencies failed to predict the Asian crisis i don't take them too seriously anymore...i reckon systemic risk such as is posed by potential counterparty failures in the derivatives arena doesn't figure in their ratings at all. just consider CMB/JPM: if only 3% of the notional value of their derivatives are impaired by counterparty failures their entire equity capital will be wiped out. what's a rating agency to do? hope and pray i guess...