Nine Japanese Synthetic CDO Tranches Downgraded; Two Tranches Upgraded And Nine Affirmed Jul 09

Standard & Poors, July 2009

Abstract
TOKYO (Standard & Poor's) July 31, 2009--Standard & Poor's Ratings Services today lowered its ratings on nine tranches relating to eight Japanese synthetic CDO transactions and kept the ratings on CreditWatch with negative implications (see list below). At the same time, Standard & Poor's raised its ratings on two tranches relating to two Japanese synthetic CDO transactions and removed the ratings from CreditWatch with positive implications. In addition, Standard & Poor's affirmed its ratings on nine tranches relating to nine Japanese synthetic CDO transactions and removed them from CreditWatch with positive implications (also listed below). Today's rating actions are part of our regular monthly review of synthetic CDOs whose ratings have been placed on CreditWatch with positive or negative implications....

Companies mentioned in this report are: Momentum CDO (Europe) Ltd.,Eirles Two Ltd.,Corsair (Jersey) No. 2 Ltd.,Signum Vanguard Ltd.,J-Bear Funding Ltd.,Hummingbird Securitisation Ltd.,Omega Capital Investments PLC,Silk Road Plus PLC
Action: Downgraded

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.

Momentum CDO (Europe) Ltd.,Eirles Two Ltd.,Corsair (Jersey) No. 2 Ltd.,Signum Vanguard Ltd.,J-Bear Funding Ltd.,Hummingbird Securitisation Ltd.,Omega Capital Investments PLC,Silk Road Plus PLC

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