European Synthetic CDO CreditWatch Actions After Running January 2009 Month-End SROC Figures Feb 09

Standard & Poors, February 2009

Abstract
The following table provides the tranches, series, and synthetic rated overcollateralization (SROC) figures for the 362 European synthetic collateralized debt obligation (CDO) tranches affected after running the January 2008 month-end SROC figures. For the related media release, please see "S&P Puts Synthetic CDOs On CreditWatch After Running January 2009 Month-End SROC Figures," published on Feb. 11, 2009....

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.

- The Royal Bank of Scotland N.V.
- Societe Generale
- SGA Societe Generale Acceptance N.V.
- IXIS Corporate & Investment Bank
- Jupiter Finance Ltd.
- Eirles Two Ltd.
- Eirles Four Ltd.
- Signum Finance II PLC
- Argon Capital PLC
- Coriolanus Ltd.
- Heather Finance Ltd.
- ARLO Ltd.
- Sceptre Capital B.V.
- Xelo PLC
- Saphir Finance PLC
- Momentum CDO (Europe) Ltd.
- Arosa Funding Ltd.
- Claris Ltd.
- Rheinwest Credit Management
- Alexandria Capital PLC
- Aldersgate Finance Ltd.
- Thunderbird Investments PLC
- Corsair Finance (Ireland) No. 6 Ltd.
- Bifrost Investments Ltd.
- Salisbury International Investments Ltd.
- Cloverie PLC
- Brooklands Euro Referenced Linked Notes 2004-1 Ltd.
- Chrome Funding Ltd.
- Rutland Rated Investments
- Elva Funding PLC
- Quartz CDO (Ireland) PLC
- Aphex Capital PLC
- Asgard CDO PLC
- Astir B.V.
- Corsair (Jersey) No. 4 Ltd.
- ELM B.V.
- STARTS (Ireland) PLC
- Classic Finance B.V.
- Lunar Funding V PLC
- Natixis Structured Products Ltd.
- Betsen CDO Ltd.
- Omega Capital Investments PLC
- Prelude Europe CDO Ltd.
- Delta CDO PLC
- Midgard CDO PLC
- Brooklands Euro Referenced Linked Notes 2005-1 Ltd.
- Starling Finance PLC
- Aura (Ireland) CDO PLC
- C.L.E.A.R. PLC
- Aphex Pacific Capital Ltd.
- Khamsin Credit Products (Netherlands) II B.V.
- Helix Capital (Jersey) Ltd.
- IXIS Corporate & Investment Bank and BNP Paribas (London branch)
- Carneros III PLC
- Ionia Capital PLC
- London Wall 2006-1 Ltd.
- Dorset Street Finance Ltd.
- Claris IV Ltd.
- Titian CDO PLC
- Credit Default Swap
- Fermat Ltd.
- Titian 7yr Swap 2
- Heartland Funding PLC
- Cerigo Capital Ltd.
- Far East Funding I SPC Ltd.
- Asset Repackaging Trust Six B.V.
- Ortelius Finance PLC
- Deutsche Bank AG London and N.V. Slibverwerking Noord-Brabant
- M&G Credit Finance (Ireland) PLC

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