Thirty-Six Japanese CDO Tranches On Watch Negative; Four On Watch Positive; Four Affirmed Apr 09

Standard & Poors, April 2009

Abstract
TOKYO (Standard & Poor's) April 10, 2009--Standard & Poor's Ratings Services today placed its ratings on 36 tranches relating to 27 Japanese synthetic CDO transactions on CreditWatch with negative implications, and placed its ratings on four Japanese synthetic CDO tranches on CreditWatch with positive implications (see list below). At the same time, Standard & Poor's affirmed its ratings on four tranches relating to four Japanese synthetic CDO transactions and removed them from CreditWatch with negative implications (also listed below). The 36 tranches placed on CreditWatch with negative implications had SROC (synthetic rated overcollateralization) levels that fell below 100% during our monthly run on March 31, 2009. The SROC levels of the four tranches whose ratings were affirmed and removed from...

Companies mentioned in this report are: Corsair (Jersey) No. 2 Ltd.,Eirles Two Ltd.,Helium Capital Ltd.,Momentum CDO (Europe) Ltd.,Signum Vanguard Ltd.,Hummingbird Securitisation Ltd.,Ethical CDO I (Jersey No. 1) Ltd.,Omega Capital Investments PLC,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.

Corsair (Jersey) No. 2 Ltd.,Eirles Two Ltd.,Helium Capital Ltd.,Momentum CDO (Europe) Ltd.,Signum Vanguard Ltd.,Hummingbird Securitisation Ltd.,Ethical CDO I (Jersey No. 1) Ltd.,Omega Capital Investments PLC,Silk Road Plus PLC

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