Standard & Poor’s believes that the
“[e]vents of the past 18 months may shake members' faith in the cooperative nature of the system, which had been a major factor supporting the corporates' creditworthiness. Specifically, the burden of premium assessments on the members may appear too great when compared to the benefits of membership. Ultimately, we believe that the system will need capital to offset the increasingly likely losses stemming from mortgage-related structured securities.”
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