Preliminary Ratings Assigned In BNP Paribas's Latest Synthetic CDO of CDOs Transaction Mar 05

Standard & Poors, March 2005

Abstract
LONDON (Standard & Poor's) March 11, 2005Standard & Poor's Ratings Services said today that it assigned its preliminary credit ratings to the €50 million secured variable-rate notes series 3 (St Maarten II) to be issued by Omega Investments Cayman Ltd. (see list below). The purpose of this transaction is to transfer to investors a portion of the credit risk associated with a reference portfolio of 10 synthetic CDO tranches. Under a mezzanine credit default swap, Omega Investments Cayman will sell protection on the reference portfolio and will be required to make cash settlement payments if losses exceed the class-specific thresholds. To collateralize its obligations, Omega Investments Cayman will issue the notes, the proceeds of which will be invested in 'AAA'...

Companies mentioned in this report are:
- Omega Investments Cayman Ltd.
- BNP Paribas

Action: Preliminary Rating

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.

- Omega Investments Cayman Ltd.
- BNP Paribas

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