Standard & Poor's recently announced that it is to wave its sovereign credit rating ceiling for asset-backed transactions.

The move represents a fundamental change in philosophy by the agency whose previous mantra held that the local currency risk should be rigidly applied to when rating ABS deals. Although the move has been welcomed as a long time coming by securitization professionals in the Asia-Pacific region, it has also been seen as a cynical attempt by S&P to boost its presence in the region.

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