As one of the ugliest chapters in the history of securitization is being written, its hapless authors haven't had to devote much text to financial future flows. Consisting chiefly of diversified payment rights (DPRs) originated by emerging-market banks, the asset class has been performing nicely, at least through the third quarter of 2007. Historical events reinforce the idea that it would take more than a mere global liquidity crunch to upend this niche of ABS.

"The liquidity scare isn't as severe as what these entities faced in previous, true emerging market crises," said Gregory Kabance, director of Latin American structured ratings at Fitch Ratings. Indeed, it's hard to beat sweeping currency devaluations, double-digit economic recessions and military coups, none of which were able to push scores of deals to default.

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