S&P Takes CreditWatch Actions On European Synthetic CDOs After Running May 2011 Month-End SROC Figures Jun 11

Standard & Poors, June 2011

Abstract
OVERVIEW We reviewed the ratings on all European deals in the monthly Global SROC Report. We have taken various rating actions on 54 synthetic CDO tranches. All the transactions are European synthetic CDO transactions. LONDON (Standard & Poor's) June 17, 2011--After running its month-end SROC (synthetic rated overcollateralization) figures, Standard & Poor's Ratings Services today took various credit rating actions on 54 European synthetic collateralized debt obligation (CDO) tranches. Specifically, we: Placed on CreditWatch negative our ratings on 12 tranches; Placed on CreditWatch positive our ratings on 10 tranches; Lowered our rating on 1 tranche; and Affirmed the rating on 31 tranches. For the full list of rating actions see "European Synthetic CDO CreditWatch Actions After Running May 2011 Month-End...

Companies mentioned in this report are: Aphex Capital PLC
Action: Affirmed
Action: Downgraded
Action: On CreditWatch:Negative
Action: On CreditWatch:Positive

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.

Aphex Capital PLC

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