118 no longer can differentiate their yield requirements for single and dual rated deals, taking away the ability of issuers to make an informed choice of the benefits vwehr es tuhsesre tahrec hd ec oa ls ti ss oc of ma dpdl ienxgoar sneocto. nS de cCoRnAd , t ho aav di nega ld, uf oarl er ax tai mn gpsl ea, sdae pmeannddi na gt oor ny roef qausier ec omnedn Ct RmAa yt haec tC aLsOawn iilnl cneonltoi vneg et or br aet ai nbgl ec taot ebrei npgl,agcievde ni nt ht haet imn at rhkeeat .b s e n c e Oc oumr pf ilne dx ii tnyg os f sau sg eg ceus rt i tt hy a’ st dae rs ei ggnu lma taoyr yb ee mn voi rr oe ns mu i et endt tt oh ae tf f teackt ievse il yn taon adcecfof iucni et nt thl ye rvei egwu l aotfe t ht heei nmv ea sr kt oert s: ffoorr wC LhOosm, ot nh ley rceogmu lpa ltei oxnds ewa lesr er emq ua idree. dBuuai lldri na tgi nogns tihne tUh Se Dodd-Frank Act, our recommendation would be to require CRAs, as they rate CLOs, to report specifically on their considerations in relation to the complexity ct hhea rnaecet edr ifsotri cos nteh aotr wmeu lftoi pulnedr at ot i nbges . i mI npaodrdt ai tni ot nd, riifv eCrRsAisn wt heer edteot ebremrienqaut iior ends toof pt ou cbol ims hm(epnr te ol i nmei na ac hr yo) t hc oe nr ’tsarcat st i nb ge st w( eeveenn tihf ea mf t esre ltvhees f aa cntd) , issus cuhe rdsi ,s ca lnods ubree rwe iql luhi reel dp bt oo tehn gi sasguee, rasn adnadb oi nuvtews thoer tshteor mt haekCe RbAest taerre- i ni nf oc lrimn eedd tdo emc i as itoc hn se aa cbho uott hwehr i rcaht iCnRg sA, sr eoqtuhiar te mt heenyt sc.aBna tsaekdeotnh oo us er rdeescei as iroc nh s, i ti ni st os uc go gnessi dt eedr at thi oa tn s ausc ht hreeyq udier teemr me ni nt se ayr iee tl do be particularly directed at securities with complex security designs. Ta nhde rl iamt i int ga tci oa tne roifnog ui sr tsht ua dt yt haenudn odfe pr lryi ionrg ei mn tpe inrti icoanl loi tf earna ti us sr ue eornt or asthi no gp sf ohro cprpeidnigt rc aa tni nn og st , bo er oof bas eCrRvAe dt o. Icfa treerg ou rl amt i oa nt csh ot hr emr aa triknegt opf rt ahcet ioctehse rwaegreen tcoy icnh aa ndgueo, peo. gl y. ,, roer qrueiqr ui ni rgi ndgi sCc Rl oAs su rteo oc of mt hme e(nptr eo lni me iancahr yo )t hceorn’ st ar cattsi nbges t, wf ueret nh eCr Rr Ae ss e aa nr cdh i gs se ut tei nr sg, closer to underlying intentions of issuers and CRAs may become possible.
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