List Of European Synthetic CDO Rating Withdrawals?June 7, 2011 Jun 11

Standard & Poors, June 2011

Abstract
On June 7, 2011, Standard & Poor's Ratings Services withdrew its credit ratings on 26 European synthetic collateralized debt obligation (CDO) tranches. Note that of these 26 tranches we initially lowered our ratings on 12 of them to 'D (sf)' before withdrawing them. The table below provides the transaction names, series, ratings, and rating withdrawal reasons for the affected tranches. For the related media release, see "Ratings Withdrawn On 26 European Synthetic CDO Tranches; 12 First Lowered To 'D'." Ratings Withdrawn On 26 European Synthetic CDO Tranches; 12 First Lowered To 'D', June 7, 2011 Revised Methodologies And Assumptions For Global Synthetic CDO Surveillance, Sept. 30, 2010 CDO Spotlight: What Is A Synthetic CDO?, April 30, 2010 Criteria For Rating...

Companies mentioned in this report are: Eirles Two Ltd.,Argon Capital PLC,Claris Ltd.,STARTS (Cayman) Ltd.,Elva Funding PLC,Prime Square CDO Ltd.,Iris SPV PLC,Omega Capital Investments PLC,Starling Finance PLC ,Empyrean Finance (Ireland) PLC,Empyrean Finance (Ireland) No. 1 Ltd.,Claris III Ltd.,Fermat Ltd.,Willow No.2 (Ireland) PLC

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Eirles Two Ltd.,Argon Capital PLC,Claris Ltd.,STARTS (Cayman) Ltd.,Elva Funding PLC,Prime Square CDO Ltd.,Iris SPV PLC,Omega Capital Investments PLC,Starling Finance PLC ,Empyrean Finance (Ireland) PLC,Empyrean Finance (Ireland) No. 1 Ltd.,Claris III Ltd.,Fermat Ltd.,Willow No.2 (Ireland) PLC

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