"Fitch Ratings said it will set a ceiling for credit ratings on certain complex, and difficult-to-trade investments like debt that helps fund ... [SIVs]. Under the new proposed framework, ratings would be capped at single-A for assets that are opaque and not easily traded. ... Fitch also said that constant proportion debt obligations, or CPDOs, aren't likely to garner ratings above triple-B", WSJ, 19 December.
BA has long been a critic of the monolines. I agree with him. Fitch's new ratings limits are more than overdue. I have no problem with Moody's "tripe-A" ratings on MBIA, Ambac and CIFG.