15 Ratings Affirmed On 6 Synthetic CDOs And 2 Small Basket Deals; One Other Rating Withdrawn On An Emerging Market Deal

Standard & Poors, December 2010

Abstract
NEW YORK (Standard & Poor's) Dec. 28, 2010--Standard & Poor's Ratings Services today affirmed its ratings on 13 tranches from six synthetic collateralized debt obligation (CDO) transactions. At the same time, we affirmed our ratings on two tranches from two small basket transactions. Additionally, we withdrew our rating on one tranche from Signum Finance II's series 2005-3, an emerging market-backed synthetic CDO transaction (see list). The affirmations reflect the classes' sufficient cushion at the current rating level, as well as credit stability in the underlying portfolio over the past several months. The rating withdrawal follows the termination of all outstanding notes from the transaction. RELATED CRITERIA AND RESEARCH Revised Methodologies And Assumptions For Global Synthetic CDO Surveillance, published Sept. 30,...

Companies mentioned in this report are: ABACUS 2004-3, Ltd.,Signum Finance II PLC,Traded Custody Receipts Series 2002-6,Targeted Return Index Securities Trust,Alpine III
Action: Affirmed
Action: Withdrawn

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.

ABACUS 2004-3, Ltd.,Signum Finance II PLC,Traded Custody Receipts Series 2002-6,Targeted Return Index Securities Trust,Alpine III

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