Cover-up alleged over CPDO ratings

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New York-based Moody's Investors Service commissioned an external review into its rating process for constant proportion debt obligations (CPDOs) on May 21, after allegations it had mistakenly awarded some of them Aaa ratings appeared in a financial newspaper.

"Moody's recognises the seriousness of questions raised by today's Financial Times article concerning the analytical models and methodologies used in our European CPDO rating process," the agency said in a statement. It added it had retaine

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