Various Rating Actions Taken On U.S. Synthetic CDOs After Monthly Review Feb 11

Standard & Poors, February 2011

Abstract
OVERVIEW We raised our ratings on 32 tranches from 28 U.S. synthetic CDO transactions and removed the ratings from CreditWatch with positive implications. We lowered our ratings on 36 tranches from 21 U.S. synthetic CDO transactions and removed the ratings from CreditWatch with negative implications. NEW YORK (Standard & Poor's) Feb. 11, 2011--Standard & Poor's Ratings Services today raised its ratings on 32 tranches from 28 corporate-backed synthetic collateralized debt obligation (CDO) transactions and removed them from CreditWatch with positive implications. At the same time, we lowered our ratings on 34 tranches from 19 synthetic CDO transactions backed by commercial mortgage backed securities (CMBS) and two tranches from two corporate-backed synthetic CDO transactions and removed them from CreditWatch with negative...

Action: Downgraded
Action: Removed From CreditWatch
Action: Upgraded

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.

- Nomura International PLC
- UBS AG
- Rutland Rated Investments
- Magnolia Finance I PLC
- Morgan Stanley ACES SPC
- Magnolia Finance II PLC
- Starling Finance PLC
- Morgan Stanley Managed ACES SPC
- Infiniti SPC Limited
- SPGS SPC
- STRATA Trust, Series 2006-10
- Credit Linked Notes Ltd. 2006-1
- HARBOR SPC
- REVE SPC
- Credit Default Swap
- Terra CDO SPC Ltd.
- Archstone Synthetic CDO II SPC
- Calculus CMBS Resecuritization Trust Series 2007-1
- PARCS-R Master Trust
- Calculus CMBS Resecuritization Trust, Series 2007-2
- NOAJ CDO Ltd.

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