After five years, 27% of A-rated corporate bonds were downgraded, versus 6% of municipal bonds and just 3% of sovereign issues. Unsurprisingly, a whopping 53% of CDOs were downgraded.

五年后，27%的原定为A级的公司债券遭到降级，而市政债券和主权债券中这一比例分别只有6%和3%，结构型产品不出所料仍是表现最差的，降级率高达53%。

youdao

CDOs a useful way to get the higher yields on semi-louche corporate bonds while respecting requirements to hold investment-grade paper.

ECONOMIST: Credit markets