NEW YORK (Standard & Poor's) April 28, 2008--Standard & Poor's Ratings Services today announced that it has revised its recovery-upon-default assumptions for collateralized debt obligation (CDO) securities backed by certain U.S. residential mortgage-backed securities (RMBS) collateral, including Alternative-A (Alt-A), subprime, home equity loan, and tax-lien RMBS issued in the U.S. during and after the fourth quarter of 2005 ("the affected U.S. RMBS"). This article addresses our assumptions related to the "credit quality of the securitized assets" principal discussed in a previous article, ?Criteria: Principles-Based Rating Methodology For Global Structured Finance Securities," which we published on May 29, 2007. These revisions to our recovery-upon-default assumptions for CDOs follow updates to our recovery assumptions for certain RMBS securities, which we completed earlier...
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