Rating Actions Taken On 10 European Securitizations After FSA CreditWatch Oct 08

Standard & Poors, October 2008

Abstract
LONDON (Standard & Poor's) Oct. 9, 2008-Standard & Poor's Ratings Services said today that it has placed on CreditWatch with negative implications 15 European ratings in 10 securitizations following yesterday's CreditWatch negative placement of Financial Security Assurance (U.K.) Ltd. (FSA; see list below). On Oct. 8, 2008, we placed on CreditWatch negative our 'AAA' financial strength and issuer credit ratings on FSA. This action followed the downgrade to 'A+' from 'AA-' of parent company Dexia S.A.'s core units. FSA provides financial guarantees for the payment of the underlying debt obligations of the securitization tranches. In each case, the rating on the tranche continues to reflect the higher of the rating on FSA and the underlying rating on that tranche. For...

Companies mentioned in this report are: Dali Capital PLC,Assured Guaranty (Europe) Ltd.,Lunar Funding I Ltd.,Duchess I CDO S.A.,Mayfair Euro CDO I B.V.,Vita Capital III Ltd.,Posillipo Finance II S.r.l.,Channel Link Enterprises Finance PLC,FCC Surf
Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Dali Capital PLC,Assured Guaranty (Europe) Ltd.,Lunar Funding I Ltd.,Duchess I CDO S.A.,Mayfair Euro CDO I B.V.,Vita Capital III Ltd.,Posillipo Finance II S.r.l.,Channel Link Enterprises Finance PLC,FCC Surf

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