Hidden among the detritus of last night's MF headlines and JPY Azumification, Moody's released their Weekly Credit Outlook. The report was rather unsurprisingly (given our perspective on the lack of real news last week) negative on the Euro Summit implications noting that while some positives remain, the negatives at a grossed-up level seem to outweigh the market's exuberance. In most scenarios they see the impact as neutral (for Ireland and Portugal, European banks and Insurers, and the EFSF itself) but they are most concerned at the impact the 'plan' will have on AAA-rated euro are countries. We can only leave it to the market to decide how self-referencing CDS should be priced.
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