SATURNS Trust No. 2003-1 Rating Lowered To 'CCC+' From 'B' Jan 12

Standard & Poors, January 2012

Abstract
NEW YORK (Standard & Poor's) Jan. 20, 2012--Standard & Poor's Ratings Services today lowered its rating on SATURNS Trust No. 2003-1?s $60.192 million units to 'CCC+' from 'B'. Our rating on the units is dependent on our rating on the underlying security, Sears Roebuck Acceptance Corp.'s 7.00% notes due June 1, 2032 ('CCC+'). Today's rating action follows our Dec. 28, 2011, placement of our 'B' rating on the underlying security on CreditWatch with negative implications and our Jan. 5, 2012, lowering of our rating on the underlying security to 'CCC+' from 'B' and its removal from CreditWatch with negative implications. We may take subsequent rating actions on the units due to changes in our rating on the underlying security. STANDARD...

Companies mentioned in this report are: SATURNS Trust No 2003-1
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.

SATURNS Trust No 2003-1

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