The stench of Enron's accounting games may still be in the air, this time wafting through the credit-linked notes market - a warning to investors not only in the those complicated financial instruments but also in more plain-vanilla loans and bonds.

The ratings agencies were lambasted after the fall of Enron for not picking up on the energy firm's accounting trickery sooner, and recently questions have been raised about their surveillance of developing markets. That criticism may have played a part in prompting Fitch Ratings to issue a report recently that describes so-called self-referenced credit-linked notes, and to raise related concerns.

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