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1·Their ratings of corporate debt may have held up well, but they were way off in structured securities, not a lot better in sovereign debt, and now their municipal-bond ratings, too, are under fire.

他们对公司债券的评级倒还好说，但是对于结构性债券就不那么上道了，主权债券也好不到哪儿去，而最近他们对于市政债券的评级又被口诛笔伐。