http://www.moodys.com/moodys/cust/research/MDCdocs/17/2007400000619506.asp?namedEntity=Rating+Action&doc_id=2007400000619506&frameOfRef=structured
Moody's downgraded a large Credit Suisse structure. Some securities went all the way from Aaa to below investment grade. Ouch.
Last week, Fitch hammered several tranches in a similar fashion: AAA to below investment grade.
http://www.fitchratings.com/corporate/sectors/rmbs_rtng_actn_rpt.cfm?sector_flag=3&marketsector=2&detail=&body_content=rtng_actn
Tread lightly if you want to buy financial stocks.
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