Industry Report Card: A Somber Outlook For Some European Corporate Securitizations Apr 09

Standard & Poors, April 2009

Abstract
In the six months since Standard & Poor's Ratings Services' last European Corporate Securitization Industry Report Card, we have seen a more pronounced polarization of performance across the spectrum of weak-to-strong business profiles. As anticipated, the transactions with weaker business profiles have been more susceptible to the wider macroeconomic malaise and have been hit disproportionately harder than their peers, in several cases leading to a downgrade of the business profile, an internal measure we use to assess the underlying company. The business risk profile assessment involves analyzing the sustainability of the underlying cash flows before any financing structure is put into place. This comprises several factors including country risk, industry characteristics, the company's positioning within the industry, the product portfolio,...

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Ambac Assurance Corp.
- The Royal Bank of Scotland PLC
- Swiss Reinsurance Co. Ltd.
- Bank of Ireland
- MBIA Insurance Corp.
- AXA France IARD
- Kelda Group Ltd.
- Thames Water Utilities Ltd.
- Northumbrian Water Ltd.
- Yorkshire Water Services Ltd.
- Sanctuary Housing Assn.
- Places for People Homes Ltd.
- Housing Association Funding PLC
- Haven Funding PLC
- Finance for Residential Social Housing PLC
- Gazprom OAO
- Haven Funding (32) PLC
- Southern Water Services Ltd.
- Punch Taverns Finance PLC
- Mutual Securitisation PLC
- Roadchef Finance Ltd.
- RSL Finance (No.1) PLC
- Unique Pub Finance Co. PLC (The)
- Punch Taverns Finance B Ltd.
- U.K. Care No. 1 Ltd.
- Fixed-Link Finance B.V.
- Sutton and East Surrey Water PLC
- THPA Finance Ltd.
- Dwr Cymru (Financing) Ltd.
- Sunderland (SHG) Finance PLC
- Friends Life Ltd.
- Aeroporti di Roma SpA
- Telereal Securitisation PLC
- Artesian Finance PLC
- CMA CGM S.A.
- Metronet Rail SSL Finance PLC
- Metronet Rail BCV Finance PLC
- Enterprise Inns PLC
- Dignity Finance PLC
- Artesian Finance II PLC
- HSH Nordbank AG
- Southern Water Services (Finance) Ltd.
- Bank of Scotland PLC Covered Bond Programme
- Harbour Funding PLC
- Mitchells & Butlers Finance PLC
- Places for People Group
- Infrastrutture SpA
- Bakethin Finance PLC
- South East Water (Finance) Ltd.
- Ocean Star 2004 PLC
- Spirit Issuer PLC
- Vita Capital II Ltd.
- Freshwater Finance PLC
- Marston's Issuer PLC
- Ocean Star 2005 PLC
- Crystal Credit Ltd.
- Artesian Finance III PLC
- Vega ContainerVessel 2006-1 PLC
- Alte Liebe 1 Ltd.
- Successor Hurricane Industry Ltd.
- Carillon Ltd.
- Arsenal Securities PLC
- OSIRIS Capital PLC
- Theatre (Hospitals) No. 2 PLC
- MedQuake Ltd.
- Thames Water Utilities Cayman Finance Ltd.
- Channel Link Enterprises Finance PLC
- Avondale Securities S.A.
- Newton Re Ltd.
- Atlas V Capital Ltd.
- Heathrow Funding Ltd.
- South East Water Ltd.
- Anglian Water Services Financing PLC
- CTRL Section 1 Finance PLC
- Tube Lines (Finance) PLC
- Greene King Finance PLC
- Epic (Barchester) PLC
- Vita Capital III Ltd.
- Theatre (Hospitals) No. 1 PLC
- Fusion 2007 Ltd.
- Nathan Ltd.

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