The start of a rating agency panel saw a stampede to the exit. The souls that stood firm were treated to what amounted to a how-to-guide on navigating the minutiae of recovery rates. The nuanced and detailed presentation from Moody's Investors Service might have worked better as a face-to-face discussion with a CDO issuer. As a panel 'discussion' for a mixed audience--not all CDO issuers--it seemed to result in a few eyes glazing over.
