New disclosure requirements for public asset-backed bonds exclude private securities; critics see it as 'a massive hole' in the rules.

Tim Hortons becomes test case for the strategy; bondholders have option of holding on through possible downgrade or selling at prices below pre-announcement level.

Tim Hortons becomes test case for the strategy; bondholders have option of holding on through possible downgrade or selling at prices below pre-announcement level.

Restrictions on conflicts of interest are designed to prevent rating agencies from pandering to the bond issuers that pay the bills.