Yes - I think we are roughly saying the same thing. Misjudged ratings on 1) Underlying borrowers 2) Securitized tranches (e.g. Credit rating of Z tranches and l

Yes - I think we are roughly saying the same thing. Misjudged ratings on 1) Underlying borrowers 2) Securitized tranches (e.g. Credit rating of Z tranches and lower tranches) 3) Re-securitized tranches (e.g.CDOs)