Various Rating Actions Taken On U.S. Synthetic CDOs After October 2010 Month-End Review Nov 10

Standard & Poors, November 2010

Abstract
OVERVIEW We placed our ratings on 26 tranches from 20 synthetic CDO transactions on CreditWatch positive. We placed our ratings on 32 tranches from 21 synthetic CDO transactions on CreditWatch negative. We affirmed our ratings on three tranches from two synthetic CDO transactions and removed them from CreditWatch negative. NEW YORK (Standard & Poor's) Nov. 19, 2010--Standard & Poor's Ratings Services today placed its ratings on 25 tranches from 19 corporate-backed synthetic collateralized debt obligation (CDO) transactions and one tranche from one CDO of CDO transaction on CreditWatch with positive implications. At the same time, we placed our ratings on 16 tranches from nine corporate-backed synthetic CDO transactions, 15 tranches from 11 synthetic CDO transactions backed by commercial mortgage-backed securities...

Companies mentioned in this report are:
- Barclays Bank PLC
- Credit and Repackaged Securities Limited
- Tribune Ltd.
- Rutland Rated Investments
- Morgan Stanley ACES SPC
- Repacs Trust Series: Bayshore I
- Magnolia Finance II PLC
- Morgan Stanley Managed ACES SPC
- SPGS SPC
- PARCS Master Trust
- REVE SPC
- Credit Default Swap
- STRATA 2006-35 Limited
- Newport Waves CDO

Action: Affirmed
Action: On CreditWatch:Negative
Action: On CreditWatch:Positive
Action: Removed From CreditWatch

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.

- Barclays Bank PLC
- Credit and Repackaged Securities Limited
- Tribune Ltd.
- Rutland Rated Investments
- Morgan Stanley ACES SPC
- Repacs Trust Series: Bayshore I
- Magnolia Finance II PLC
- Morgan Stanley Managed ACES SPC
- SPGS SPC
- PARCS Master Trust
- REVE SPC
- Credit Default Swap
- STRATA 2006-35 Limited
- Newport Waves CDO

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