Ridgeway Court CDO Shows S&P Didn’t Follow Own Downgrades

Ridgeway Court CDO Shows S&P Didn’t Follow Own Downgrades

Scott Eells/Bloomberg

The CDO, which was underwritten by New York-based Citigroup Inc. and composed of subprime mortgage-backed securities and other similar bundles of debt, defaulted 201 days later, leaving investors with almost nothing.