LONDON (Standard & Poor's) March 3, 2004--Standard & Poor's Ratings Services said today that it raised its ratings on the class A and B credit-linked notes issued by Cathedral Ltd. owing to stable credit performance and the approaching maturity of the transaction. "The expected net loss rates associated with the class A and B notes are consistent with higher rating levels," said Simon Chantry, a credit analyst at Standard & Poor's Structured Finance Ratings group in London. "This has resulted from a combination of the approaching legal maturity of the transaction in May this year and stabilizing credit quality within the reference portfolio." Mr. Chantry explained that the ratings assigned to this transaction have previously suffered from poor credit performance...
Companies mentioned in this report are: Dresdner Bank AG
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