Ratings In 9 Synthetic CDO Tranches Placed On Watch Neg And 9 Tranches Off Watch Neg Dec 05

Standard & Poors, December 2005

Abstract
LONDON (Standard & Poor's) Dec. 9, 2005-Standard & Poor's Ratings Services said today it placed its credit ratings on the notes issued in nine European synthetic CDO transactions on CreditWatch with negative implications At the same time, it removed from CreditWatch negative and affirmed its ratings on a further nine tranches. At the same time, the credit ratings on the other tranches were affirmed (see list below). The rating actions are in line with the change to the format of the SROC report as of December 2005 (see the media release "Format Of Global SROC Report Changing To Improve Timeliness And Standardize Assumptions", published on Dec. 1, 2005). The ratings placed on CreditWatch negative had SROCs that fell below 100%...

Companies mentioned in this report are: ARLO Ltd.,Eirles Two Ltd.,Signum Finance II PLC,Coriolanus Ltd.,Skylark Ltd.,Cloverie PLC,Elva Funding PLC,Trees S.A.
Action: Affirmed
Action: On CreditWatch:Negative
Action: Removed From CreditWatch

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.

ARLO Ltd.,Eirles Two Ltd.,Signum Finance II PLC,Coriolanus Ltd.,Skylark Ltd.,Cloverie PLC,Elva Funding PLC,Trees S.A.

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