Ratings Lowered To 'D (sf)' On Three U.S. Synthetic CDOs After Review Dec 11

Standard & Poors, December 2011

Abstract
NEW YORK (Standard & Poor's) Dec. 16, 2011--Standard & Poor's Ratings Services today lowered its ratings on one tranche from one corporate-backed synthetic collateralized debt obligation (CDO) transaction, and four tranches from two synthetic CDO transactions backed by commercial mortgage-backed securities (CMBS) to 'D (sf)' (see list). We lowered our ratings to 'D (sf)' on tranches that either experienced principal losses or that we expect not to receive their full principal back at maturity. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description...

Companies mentioned in this report are: Aphex Capital NSCR 2007-5, Ltd.,Heartland Funding PLC,Aphex Capital NSCR 2007-7SR Ltd
Action: Downgraded

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 NSCR 2007-5, Ltd.,Heartland Funding PLC,Aphex Capital NSCR 2007-7SR Ltd

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