Twenty-Five Japanese Synthetic CDO Tranches On Watch Negative; Four Tranches Affirmed Nov 08

Standard & Poors, November 2008

Abstract
TOKYO (Standard & Poor's) Nov. 14, 2008--Standard & Poor's Ratings Services said today that it had placed its ratings on 25 tranches relating to 20 Japanese synthetic CDO transactions on CreditWatch with negative implications (see list below). At the same time, Standard & Poor's affirmed its ratings on four tranches relating to three Japanese synthetic CDO transactions and removed them from CreditWatch with negative implications (also listed below). The 25 tranches that have been placed on CreditWatch with negative implications had SROC (synthetic rated overcollateralization) levels that fell below 100% during our monthly run on Nov. 7. The ratings on the other four tranches have been affirmed and removed from CreditWatch with negative implications because their SROC levels have recovered...

Companies mentioned in this report are:
- Andante Ltd.
- Eirles Two Ltd.
- Skylark Ltd.
- Corsair (Jersey) No. 2 Ltd.
- Helium Capital Ltd.
- Momentum CDO (Europe) Ltd.
- Signum Vanguard Ltd.
- ELM B.V.
- Silk Road Plus PLC

Action: On CreditWatch:Negative

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.

- Andante Ltd.
- Eirles Two Ltd.
- Skylark Ltd.
- Corsair (Jersey) No. 2 Ltd.
- Helium Capital Ltd.
- Momentum CDO (Europe) Ltd.
- Signum Vanguard Ltd.
- ELM B.V.
- Silk Road Plus PLC

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