On Achievable Error Exponents for Watermarking Pierre Moulin and Ying~Wang Probability-of-error exponents have recently been derived for watermarking systems based on spread-spectrum and quantization-index modulation methods. This paper takes this work one step further and presents minmax error exponents for any embedding scheme and any attack (subject to distortion constraints) at all rates below capacity. The decoders used are universal: they do not know the attack used. Randomized codes outperform deterministic codes, except in the case of memoryless attacks where the same performance is obtained using either kind of code.