Ratings On Four Japanese Synthetic CDO Tranches Placed On CreditWatch Positive, One On Watch Neg; One Kept On Watch Neg Feb 13

Standard & Poors, February 2013

Abstract
TOKYO (Standard & Poor's) Feb. 18, 2013--Standard & Poor's Ratings Services today said that it has placed its ratings on four Japanese synthetic collateralized debt obligation (CDO) transactions on CreditWatch with positive implications and one transaction on CreditWatch with negative implications. At the same time, we kept the rating on Corsair (Jersey) No. 2's series 58 CDO transaction on CreditWatch with negative implications (see list below). We placed our rating on series 58 on CreditWatch negative on Jan. 18, 2013. Today's CreditWatch positive placements reflect the tranches' synthetic rated overcollateralization (SROC) levels, which exceeded 100% with sufficient SROC cushion at higher ratings than the current ratings as of Jan. 31, 2013. Meanwhile, we placed or kept on CreditWatch negative our...

Companies mentioned in this report are:
- Silk Road Plus PLC
- Corsair (Jersey) No. 2 Ltd.
- Hummingbird Securitisation Ltd.

Action: Affirmed
Action: On CreditWatch:Positive
Action: Removed From CreditWatch

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.

- Silk Road Plus PLC
- Corsair (Jersey) No. 2 Ltd.
- Hummingbird Securitisation Ltd.

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