Downgrades Downstream

The agencies have acted at the mortage-backed level, suggesting more action at the CDO level is only a matter of time.

http://biz.yahoo.com/rb/070625/goldmansachs_subprime_downgrades.html?.v=2

That this many have been downgraded this quickly by the reactionary agencies suggests momentum may be pushing things up the credit stream faster than some anticipate...time will tell.

A like-minded scenario is further explored here, where the writer summarizes the integration and coordination of the rating agencies in the CDO underwriting process.

http://biz.yahoo.com/seekingalpha/070625/39290_id.html?.v=1

This chart mentioned in the above article may point in the direction we may be headed:

http://www.markit.com/information/affiliations/abx/history