Deutsche Bank and AXA Investment Managers obtained a provisional rating from Moody's Investors Service last week for its Newlands Financial CDPC. The rating agency also assigned provisional ratings of triple-A to a class of floating rate notes due 2022 and a class A loan, along with an "Aa3" rating to a class B loan. Newlands plans to invest in a diversified portfolio of static tranches of investment-grade corporate credits through the CDS market. Aladdin Capital Management earlier this month got a triple-A stamp from Moody's for its CDPC, but for every CDPC that gets a rating, there are many waiting in the wings. According to Moody's there are 24 proposals for the derivative product companies in its pipeline.