Moody’s has taken a brave or foolhardy – depending on your viewpoint – decision based upon its Joint Default Analysis (JDA) “tool” and created utter mayhem as a result.
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At the same time the agency updated its Bank Financial Strength Rating (BFSR) methodology. This is an ongoing process and once finished more than 1000 banks in over 90 countries will be affected. If the results of this first stage in the process are replicated there will be over 200 triple-A rated banks, where once there was a handful.
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