Looking back on the past two weeks, one might think triple-A arb cashflow HY- bond CDOs in the 1999 vintage appear under siege by the rating agencies: at least 11 tranches across seven transactions saw their triple-A wings clipped between Jan.28 and Feb. 7, 2002.

If that wasn't bad enough, 16 tranches of mostly 1999-2000 vintage CDOs, spanning seven deals, had triple-A tranches put on negative watch lists.

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