Investors are upset with Moody's Investors Service and Standard & Poor's after the two ratings agencies gave their highest ratings to a new breed of credit derivatives that may not have deserved the triple-A ratings. Just one month after both agencies gave out the ratings that imply the bonds are as safe as U.S. Treasurys, investors are being offered as little as 70 cents on the dollar for the constant proportion debt obligations. "The rating doesn't tell me anything," said Bas Kragten, head of asset-backed securities at ING Investment Management. "The chance that a CPDO won't be triple-A tomorrow is a lot greater than it is for the government of Germany."

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