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S&P wallops Wellington's CDOs

Standard & Poor's took a sledgehammer to Wellington Asset Management's Juniper 2000-1 arbitrage cashflow high yield CBO last Monday. The 2000 vintage issue had its A-3 and A3-L classes dropped to BBB' from AAA/Watch Negative'. The A4-L also had a dramatic drop to CCC' from A-/Watch Negative'.

Sources familiar...

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