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Institutional investors no longer trust credit ratings, says former head of structured finance at S&P.
Amid speculation about downgrades, bank bonds are already at levels suggesting speculative ratings.
Credit rater will look at how much protection investors get from securities terms.
Yields on investment-grade corporate debt hit record lows.
Homebuilders sales languish after it loses MetLife as financing partner.
Public ratings agency could neutralize private ratings, says Moodys CEO.