影响的扩大戏剧性的出现在了更具风险的抵押贷款证券化的产品,以及以此为基础的合并债务担保证券（CDO）。

Spreads have dramatically widened on the securities backed by riskier mortgages and the pooled and debt-laden collateralised-debt obligations (CDOs) based on them.

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也就是说，当穆迪将一种债务担保证券、一种公司债券和一种主权债券均评为AA级，那就意味着穆迪认为这三种债券的信用程度是相同的。

So when Moody's says a collateralized debt obligation, a corporate bond and a sovereign issue are all rated AA, the implication is that the three types of bonds are equally healthy.

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由于金融市场的魔力，一只由低质量债务组成的房贷担保证券也能获得一个良好的信贷评级。

Thanks to financial alchemy, an MBS made up of low-quality loans can still enjoy a good credit rating.

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