The CDO market, however, was concentrated: six or seven issuers controlled most of the market, and this market ended up representing 50% of the entire revenues to be gained through ratings. All of a sudden, issuers had much more influence on the rating agencies, which, like any good seller, were ready to bend a little not to alienate important customers.
而债务抵押债券市场的特点是高度集中： 绝大部分市场份额由六七家发行机构控制，而债务抵押债券市场能带来评级收入总额的50%。 因此突然之间，发行方对评级机构的影响力大增，而后者则像任何好的销售主体一样，愿意为留住重要客户牺牲一点原则。