Various Rating Actions Taken On Four European Synthetic CDO Tranches Jan 11

Standard & Poors, January 2011

Abstract
OVERVIEW We have taken recent rating actions on the underlying collateral to which these tranches are weak-linked. We have thus taken various corresponding rating actions on these four tranches. These transactions are European synthetic CDOs. LONDON (Standard & Poor's) Jan. 7, 2011--Standard & Poor's Ratings Services today took various rating actions on four collateralized debt obligation (CDO) tranches. Specifically, we have: Raised and removed from CreditWatch positive the rating on one CDO tranche; and Lowered the ratings on three CDO tranches (see list below). Today's rating actions follow our recent rating actions on the underlying collateral. According to the transaction documents, the ratings on these tranches are weak-linked to the rating on the underlying collateral. Under our criteria applicable to...

Companies mentioned in this report are: Lunar Funding I Ltd.,Momentum CDO (Europe) Ltd.,Lunar Funding V PLC,Protected Credit Notes Ltd.
Action: Downgraded
Action: Removed From CreditWatch
Action: Upgraded

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.

Lunar Funding I Ltd.,Momentum CDO (Europe) Ltd.,Lunar Funding V PLC,Protected Credit Notes Ltd.

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