The world's most notorious dairy queen Parmalat might be leaving a bitter aftertaste in the mouths of some analysts. Last week, Brazilian stand-alone agency SR Rating publicly weighed in on a rating by rival Standard & Poor's on a Parmalat-related securitization in the domestic market. While conceding it has no relationship with the dairy giant, SR opined that S&P should have downgraded a deal backed by trade receivables, instead of keeping it at brAAA' on the national scale, as it had done in mid- December.

"People were coming to us regarding Parmalat, and we decided to write a technical release," said Sheila Gaul, executive director of SR. While S&P declined to comment on SR's release, the agency put out a detailed report of its own Jan. 15, elaborating on the rationale behind the rating.

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