Moody's downgrades ratings on 10 CPDOs, confirms 1

NEW YORK, Jan 9 (Reuters) - Moody's Investors Service on Wednesday cut ratings on 10 constant proportion debt obligations, citing weakness in credit derivative indexes.

Ratings on one CPDO were confirmed, Moody's said. The 11 rating actions affect 35 percent of the CPDO volumes Moody's rates, the agency said.

CPDOs sell protection on investment-grade corporate credit derivative indexes with up to 15 times leverage, and the leverage can be raised or reduced to take account of market conditions. (Reporting by Dena Aubin; Editing by James Dalgleish)