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1·The overheated pursuit of Wall Street of the collateralized debt obligation(CDO) and housing mortgage loan bond(MBS) has gradually pushed the Assets equity ratio higher.

华尔街在对担保债务权证（CDO）和住房抵押贷款债券（MBS）的追逐中，逐渐形成更高的资产权益比率。

2·So when Moody's says a collateralized debt obligation, a corporate bond and a sovereign issue are all rated AA, the implication is that the three types of bonds are equally healthy.

也就是说，当穆迪将一种债务担保证券、一种公司债券和一种主权债券均评为AA级，那就意味着穆迪认为这三种债券的信用程度是相同的。

3·Today's level, though, is about as reliable as the price of a collateralized-debt obligation in the depths of the credit crunch.

今日的价格水平，就如同身陷信用风暴中的债务抵押债券价格一样可靠。