Rating On Class A Notes In German SME CLO Transaction Geldilux-TS-2007 Placed On CreditWatch Negative; Rest Affirmed Jan 12

Standard & Poors, January 2012

Abstract
OVERVIEW Today's rating actions follow the CreditWatch negative placement of our ratings on Unicredit Bank (formerly Bayerische Hypo- und Vereinsbank) as originator of the underlying loans in the portfolio, as well as our review of the transaction's performance using the latest available monthly servicer report of December 2011, and portfolio performance data received from the servicer. We have placed on CreditWatch negative our rating on the class A notes. We have affirmed our ratings on all other classes of notes. Geldilux-TS-2007 is a cash flow CLO of short-term loans originated under Unicredit Bank's euro-loan program. These ratings are based on our criteria for rating European SME securitizations. However, these criteria are under review. As a result of this review, our...

Companies mentioned in this report are: Geldilux-TS-2007 S.A.
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.

Geldilux-TS-2007 S.A.

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