Though not specifically addressing - or even mentioning - notching policies, Nomura Securities last week revealed a 36 page research report on trans-agency, trans-asset class ABS ratings migrations, which will almost surely be absorbed into the notching tug-of-a-war.

That's because the current sentiment, over what is and what is not appropriate notching practices, is starved for more research into the differences in performance of structured finance ratings from the three major rating agencies, Standard & Poor's, Moody's Investors Service, and Fitch, each of whom approach credit rating uniquely.

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