Ratings List Resolving European Structured Finance Counterparty CreditWatch Placements?March 28, 2011 Review

Standard & Poors, March 2011

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.

Abstract
On Jan. 18, 2011, our criteria for assessing counterparty risk (see "Counterparty And Supporting Obligations Methodology And Assumptions") became effective. On that day, we placed or kept on CreditWatch negative certain affected EMEA structured finance ratings (see "EMEA Structured Finance CreditWatch Actions In Connection With Revised Counterparty Criteria"). This is one of our periodic reviews of affected EMEA tranches. In this report we have removed three of the ratings from CreditWatch negative for counterparty reasons, where we placed them or kept them on Jan. 18. The tables below provide the transaction names, series, and ratings for the affected EMEA transactions. For the related media release, see "S&P Resolves Three European Structured Finance Counterparty Criteria CreditWatch Placements (March 28, 2011 Review)."...

Companies mentioned in this report are: Adriatico Finance RMBS S.r.l.,Viola Finanza S.r.l.,FCT GINKGO CONSUMER FINANCE Compartment Ginkgo Consumer Finance 2009-1

Adriatico Finance RMBS S.r.l.,Viola Finanza S.r.l.,FCT GINKGO CONSUMER FINANCE Compartment Ginkgo Consumer Finance 2009-1

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