Various Rating Actions Taken On European Synthetic CDO Tranches—May 2008 May 08

Standard & Poors, May 2008

Abstract
LONDON (Standard & Poor's) May 29, 2008Standard & Poor's Ratings Services said today that it has taken credit rating actions on 153 European synthetic collateralized debt obligation (CDO) tranches (see list below). Specifically, the ratings on: 122 tranches were removed from CreditWatch with negative implications and lowered; One tranche was lowered; One tranche was lowered and placed on CreditWatch negative; 28 tranches were lowered and remain on CreditWatch negative; One tranche was raised. Of the 152 tranches lowered: 39 reference U.S. residential mortgage-backed mortgages (RMBS) and U.S. CDOs that are exposed to U.S. RMBS, which have experienced recent negative rating actions; and 113 have experienced corporate downgrades in their portfolios. Rating Action Summary...

Action: CreditWatch Update
Action: Downgraded
Action: On CreditWatch:Negative
Action: Removed From CreditWatch
Action: Upgraded

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.

- Aldersgate Finance Ltd.
- Natixis S.A.
- The Royal Bank of Scotland N.V.
- SGA Societe Generale Acceptance N.V.
- Lehman Brothers Treasury Co. B.V.
- Eirles Two Ltd.
- Argon Capital PLC
- Coriolanus Ltd.
- Heather Finance Ltd.
- ARLO Ltd.
- Corsair (Jersey) No. 2 Ltd.
- Herald Ltd.
- Xelo PLC
- Saphir Finance PLC
- Momentum CDO (Europe) Ltd.
- Arosa Funding Ltd.
- Rheinwest Credit Management
- Corsair Finance (Ireland) No. 6 Ltd.
- Salisbury International Investments Ltd.
- Cloverie PLC
- Chiswell Street Finance Ltd.
- Aphex Capital PLC
- Astir B.V.
- Ocelot CDO I PLC
- Lunar Funding V PLC
- Rente Plus Co. Ltd.
- Omega Capital Investments PLC
- Omega Capital Europe PLC
- Starling Finance PLC
- C.L.E.A.R. PLC
- Khamsin Credit Products (Netherlands) II B.V.
- Ionia Capital PLC
- Claris III Ltd.
- Fermat Ltd.
- Heartland Funding PLC
- Cerigo Capital Ltd.
- Far East Funding I SPC Ltd.
- Asset Repackaging Trust Six B.V.
- Menton CDO IV Ltd.

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