While not carrying the shock value of New Jersey Gov. Jim McGreevey's announcement last week, the fact that some CDOs backed by real estate collateral are pricing sans ratings from Moody's Investors Service has opened up a can of worms about CDO- rating methodologies and how those deals have priced. Now comes talk that Fitch Ratings will announce changes to their ratings metodology next month.

"Since our new criteria was introduced last year, we will be making refinements. We will have modest improvements to our approach, which we expect to bring out in September," said Fitch Managing Director John Schiavetta.

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