Understandably, then, the issuer base for 2012-model second-lien loans is dominated by (1) loans with CCC facility ratings (mainly from issuers with a single-B corporate-rating profile) and (2) unrated middle-market paper.

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"It's one thing to be on a mailing list, " said Muller-Maguhn, who serves as a spokesperson for the Berlin-based Chaos Computer Club (CCC) that created the event.

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Information must also be accurate as the credit-rating debacle shows: an AAA rating is harmful rather than helpful if it describes a CCC asset.

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Coincidentally, the previous-gen PlayStation 3 (CECH-3012A and CECH-3012B, as sold in Hong Kong) was quietly granted a China Compulsory Certificate or "CCC" around the same time, only to be withdrawn by Sony soon after the discovery in November, as the database screenshot below shows.

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