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Multilines forgo triple-A ratings, shifting focus on equity shareholder returns

Last month Citibank priced its Project Securitization I CLO within original price talk (see ASR 8/6/01) despite a credit downgrade of its financial guarantor, Assurance Generale de France, a subsidiary of Allianz AG. Ironically the triple-A wrapped notes were rated one notch above its reinsurer.

Of course, the A...

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