Ratings On Eight Emerging Market Asset-Backed Future Flow Transactions Placed On CreditWatch Negative; SPURs Affirmed Sep 11

Standard & Poors, September 2011

Abstract
OVERVIEW We placed our ratings on eight emerging market asset-backed future flow transactions on CreditWatch negative and affirmed our underlying ratings on the affected series. The rating actions follow the Sept. 27, 2011, placement of our insurer financial enhancement ratings on Assured Guaranty Corp. and Assured Guaranty Municipal Corp. on CreditWatch negative. NEW YORK (Standard & Poor's) Sept. 30, 2011--Standard & Poor's Ratings Services today placed its ratings on eight emerging market asset-backed future flow securitizations on CreditWatch with negative implications and affirmed its Standard & Poor's underlying ratings (SPURs) on the affected series (see list). Our ratings on the affected emerging market securitizations are based on the full financial guarantee insurance policies that the respective insurers provide, which guarantee...

Companies mentioned in this report are: Akbank Remittances Trust Securitization,Dollar Diversified Payment Rights Finance Company (Banco do Brasil ),Garanti Diversified Payment Rights Finance Co.(Turkiye Garanti Bankasi),TIB Diversified Payment Rights Finance Co.(Isbank),Yapi Kredi Diversified Payment Rights Finance Company
Action: Affirmed
Action: On CreditWatch:Negative

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.

Akbank Remittances Trust Securitization,Dollar Diversified Payment Rights Finance Company (Banco do Brasil ),Garanti Diversified Payment Rights Finance Co.(Turkiye Garanti Bankasi),TIB Diversified Payment Rights Finance Co.(Isbank),Yapi Kredi Diversified Payment Rights Finance Company

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