Ratings On Various U.S. Synthetic CDO Transactions Lowered, Withdrawn, And Affirmed Apr 08

Standard & Poors, April 2008

Abstract
NEW YORK (Standard & Poor's) April 29, 2008--Standard & Poor's Ratings Services today took the following rating actions on various U.S. synthetic collateralized debt obligation (CDO) transactions: -- We lowered 116 ratings, one of which was also placed on CreditWatch negative; -- Fourteen of the lowered ratings remain on CreditWatch negative; -- We placed four ratings on CreditWatch negative; -- We withdrew 29 ratings after the classes were terminated; and -- We affirmed 15 ratings and removed them from CreditWatch negative (see list). We reviewed the ratings on all of the classes that we had previously placed on CreditWatch negative to determine the appropriate rating action. If the synthetic rated overcollateralization (SROC) ratio was lower than 100% at the current...

Action: Downgraded
Action: Removed From CreditWatch
Action: Withdrawn

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.

- Toronto-Dominion Bank
- The Bank of Nova Scotia
- UBS AG (Jersey Branch)
- Jupiter Finance Ltd.
- Lunar Funding I Ltd.
- Eirles Two Ltd.
- Credit and Repackaged Securities Limited
- Coriolanus Ltd.
- Herald Ltd.
- Momentum CDO (Europe) Ltd.
- Tribune Ltd.
- Morgan Stanley ACES SPC
- ABACUS 2004-3, Ltd.
- Iridal Public Limited Company
- Magnolia Finance II PLC
- Seawall SPC
- Seawall 2006-1 Ltd
- Infiniti SPC Limited
- PARCS Master Trust
- Ixion PLC
- REVE SPC
- Terra CDO SPC Ltd.
- Primoris SPC Ltd

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