Ratings On Six European Cash CDO Corporate Loan Transactions Placed On CreditWatch Negative Jun 09

Standard & Poors, June 2009

Abstract
OVERVIEW -- We have observed deterioration in the credit quality of the underlying portfolios of some CLOs that we rate. -- We have placed on CreditWatch negative our credit ratings on 20 tranches issued by six CLOs. LONDON (Standard & Poor's) June 8, 2009--Standard & Poor's Ratings Services today placed on CreditWatch negative its credit ratings on 20 tranches issued by six collateralized loan obligation (CLO) transactions backed by corporate loan securities. The affected transactions are: -- Dalradian European CLO IV B.V.; -- Morgan Stanley Investment Management Garda B.V.; -- PDM CLO I B.V.; -- Lightpoint Pan-European CLO 2007-1 PLC; -- Cheyne Credit Opportunity CDO I B.V.; and -- Gresham Capital CLO III B.V. (see list below). These rating actions...

Companies mentioned in this report are:
- Dalradian European CLO IV B.V.
- Cheyne Credit Opportunity CDO I B.V.
- Gresham Capital CLO III B.V.
- PDM CLO I B.V.
- Lightpoint Pan-European CLO 2007-1 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.

- Dalradian European CLO IV B.V.
- Cheyne Credit Opportunity CDO I B.V.
- Gresham Capital CLO III B.V.
- PDM CLO I B.V.
- Lightpoint Pan-European CLO 2007-1 PLC

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