Various Rating Actions Taken On Seven European Synthetic CDO Tranches Oct 10

Standard & Poors, October 2010

Abstract
OVERVIEW We have taken recent rating actions on the underlying collateral to which these tranches are weak-linked. We have thus taken various corresponding rating actions on these seven tranches. These transactions are European synthetic CDOs. LONDON (Standard & Poor's) Oct. 6, 2010--Standard & Poor's Ratings Services today took various CreditWatch and rating actions on seven CDO tranches. Specifically, we have: Raised the rating on one CDO tranche. Removed from CreditWatch negative the ratings on two CDO tranches; Placed on CreditWatch negative the ratings on two CDO tranches; Placed on CreditWatch positive the rating on one CDO tranche; and Affirmed the rating on one CDO tranche (see list below). Today's CreditWatch and rating actions follow our recent rating actions on the...

Companies mentioned in this report are: Prelude Europe CDO Ltd.,Lunar Funding I Ltd.,Helium Capital Ltd.,Cheyne Credit SPI (Ireland) PLC,Willow No.2 (Ireland) PLC
Action: Affirmed
Action: On CreditWatch:Negative
Action: On CreditWatch:Positive
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.

Prelude Europe CDO Ltd.,Lunar Funding I Ltd.,Helium Capital Ltd.,Cheyne Credit SPI (Ireland) PLC,Willow No.2 (Ireland) PLC

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