Australia's Federal court issued a landmark judgment on Monday that Standard & Poor's misled investors by giving its highest rating to derivatives that lost almost all their value in the run-up to the 2008 global economic crisis.
The Australian case marked the first time a ratings agency had faced trial over the complex financial products widely cited as one of the factors that triggered the crisis and could set a precedent for future litigation around the world.
In a strongly worded judgment, Justice Jayne Jagot said S&P and ABN Amro had deceived 12 local councils that bought the triple-A rated CPDO, or constant proportion debt obligation, notes created by the bank.
The councils were assured the so-called "Rembrandt" notes bought from Australian Local Government Financial Services (LGFS) in late 2006 had a less than 1 percent chance of defaulting.
source : CNBC
Tout le problème dans la méthodologie des agences de notation est de faire passer l'idée que même un AAA (moins de 1% de probabilité de défaut) ne signifie pas zero et qu'en plus cette stat dépend de conditions particulières : le fait de rester dans le cadre d'une loi normale.
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