Fitch Again Blasts S&P Grades on Credit Suisse Mortgage Debt
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The AAA ratings assigned by Standard & Poor’s in a mortgage-bond deal by Credit Suisse Group AG are too high, Fitch Ratings said for the second time this year.
The amount of protection for a top-rated slice of the $330 million transaction “is not sufficient in Fitch’s view to fully address the risks associated with the pool, including concentrations in geographies whose property prices remain well above what Fitch believes are sustainable values,” the New York-based ratings firm said today in an e-mailed statement.