NEW YORK - Promoting the long-term health of CDOs was the focus of Standard & Poor's recent CDO conference late last month, the second such event hosted by the ratings agency. As has been a theme over the past year, successful improvement of the market will require a restructuring effort to which all interested parties will need to subscribe.

It became clear to attendees that a picture of CDO longevity can be painted with more than one brush. While improving the credit quality of these vehicles' debt tranches was an obvious focus, discussion surrounded the fact that structural changes need to also stress an increased alignment between CDO asset managers and debt- and equity-tranche investors.

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