Various Rating Actions Taken On 13 Asia-Pacific Synthetic CDOs Jun 07

Standard & Poors, June 2007

Abstract
MELBOURNE (Standard & Poor's) June 22, 2007--Standard & Poor's Ratings Services today said that it has lowered its ratings on nine Asia-Pacific collateralized debt obligations (CDOs) (one of which remains on CreditWatch with negative implications) and raised the ratings on two other CDOs. In addition, the ratings on Onyx Funding Ltd. Series 2005-1 and Thunderbird Investments PLC Series 21 were affirmed and removed from CreditWatch with negative implications, where they were placed on June 7, 2007 (see list). RATINGS RATINGS TRANSACTION TO FROM SROC Corsair (Jersey) No.2 Ltd. Series 72 A+ AA-/Watch Neg 100.0542% Corsair (Jersey) No.2 Ltd. Series 87 A- A/Watch Neg 100.0000% Corsair (Jersey) No.2 Ltd. Series 97 AA- AA/Watch Neg 100.1473% Elm B.V. Series 99 A- A+/Watch...

Companies mentioned in this report are:
- Corsair (Jersey) No. 2 Ltd.
- Sceptre Capital B.V.
- Momentum CDO (Europe) Ltd.
- Thunderbird Investments PLC
- Magnolia Finance I PLC
- ELM B.V.
- STARTS (Ireland) PLC

Action: CreditWatch Update

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.

- Corsair (Jersey) No. 2 Ltd.
- Sceptre Capital B.V.
- Momentum CDO (Europe) Ltd.
- Thunderbird Investments PLC
- Magnolia Finance I PLC
- ELM B.V.
- STARTS (Ireland) PLC

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