September 17, 2012 / 8:08 PM / in 5 years

TEXT-S&P puts 17 ratings on 14 CDOs on watch positive

Sept 17 - Standard & Poor's Ratings Services today placed its ratings on 17
tranches from 14 corporate-backed synthetic collateralized debt obligation (CDO)
transactions on CreditWatch positive. At the same time, we placed seven ratings
on four structured finance-backed synthetic CDO transactions and one rating from
one 
corporate-backed synthetic CDO transaction on CreditWatch negative. In 
addition, we affirmed one rating from one corporate-backed synthetic CDO 
transaction and removed it from CreditWatch negative. The rating actions 
followed our monthly review of synthetic CDO transactions.

The CreditWatch positive placements reflect the seasoning of the transactions, 
the rating stability of the obligors in the underlying reference portfolios 
over the past few months, and the synthetic rated overcollateralization (SROC) 
ratios that had risen above 100% at the next highest rating level. The 
CreditWatch negative placements reflect SROC ratios that fell below 100% due 
to recent CreditWatch placements of CMBS securities in the underlying 
reference portfolios following an update to CMBS criteria.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating 
relating to an asset-backed security as defined in the Rule, to include a 
description of the representations, warranties and enforcement mechanisms 
available to investors and a description of how they differ from the 
representations, warranties and enforcement mechanisms in issuances of similar 
securities. The Rule applies to in-scope securities initially rated (including 
preliminary ratings) on or after Sept. 26, 2011. 

If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this 
credit rating report is available atRELATED CRITERIA AND RESEARCH
  
     -- 744 U.S. And Canadian CMBS Ratings Put On CreditWatch With Various 
Implications; Revised Criteria Cited, Sept. 5, 2012
     -- Rating Methodology And Assumptions For U.S. And Canadian CMBS, Sept. 
5, 2012
     -- Global CDOs Of Pooled Structured Finance Assets: Methodology And 
Assumptions, Feb. 21, 2012
     -- Global Structured Finance Scenario And Sensitivity Analysis: The 
Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011
     -- Revised Methodologies And Assumptions For Global Synthetic CDO 
Surveillance, Sept. 30, 2010
     -- Methodology: Credit Stability Criteria, on May 3, 2010
     -- Update To Global Methodologies And Assumptions For Corporate Cash Flow 
And Synthetic CDOs, Sept. 17, 2009
     -- General Criteria: Understanding Standard & Poor's Rating Definitions, 
June 3, 2009
 
 
RATING ACTIONS

Aphex Capital MOTIVE Series 2004-C
                                 Rating
Class                    To                    From
A                        CCC+ (sf)/Watch Pos   CCC+ (sf)
 
Athenee CDO PLC
JPY3.4 bil tranche B Hunter Valley CDO II floating-rate notes due 30 June 2014 
series 2007-6
                                 Rating
Class                    To                  From
Tranche B                BB- (sf)/Watch Pos  BB- (sf)
 
Cloverie PLC
Series 2005-56
                                 Rating
Class                    To                  From
A                        BB+ (sf)/Watch Neg  BB+ (sf)
 
Cloverie PLC
EUR100 mil Floating Rate Credit Linked Notes Series 2007-44
                                 Rating
Class                    To                  From
Notes                    B (sf)/Watch Pos    B (sf)
 
Cloverie PLC
EUR50 mil Floating Rate Credit Linked Notes Series 2007-43
                                 Rating
Class                    To                  From
Notes                    B (sf)/Watch Pos    B (sf)
 
Credit Default Swap
US$10 mil Swap Risk Rating-Protection Buyer, CDS Reference #CA1119131
                                 Rating
Class                    To                     From
Tranche                  BBsrb (sf)/Watch Pos   BBsrb (sf)
 
Greylock Synthetic CDO 2006 
Series 1
                                 Rating
Class                    To                  From
A3-$LMS                  BB+ (sf)/Watch Pos  BB+ (sf)
 
Morgan Stanley Managed ACES SPC 
Series 2005-1
                                 Rating
Class                    To                  From
II A                     BBB (sf)/Watch Pos  BBB (sf)
II B                     BBB (sf)/Watch Pos  BBB (sf)
 
Morgan Stanley Managed ACES SPC 
Series 2006-4
                                 Rating
Class                    To                  From
II                       BBB (sf)/Watch Pos  BBB (sf)
IIIB                     BB+ (sf)/Watch Pos  BB+ (sf)
 
Mt Kailash Series III
                                 Rating
Class                    To                  From
Cr Lkd Ln                B (sf)/Watch Neg    B (sf)
 
North Street Referenced Linked Notes 2005-9 Limited
                                 Rating
Class                    To                  From
E                        AA- (sf)/Watch Pos  AA- (sf)
F                        BB- (sf)/Watch Pos  BB- (sf)
 
Omega Capital Investments PLC
EUR274 mil, US$160 mil Palladium CDO I Secured Floating Rate Notes
Series 19
                                 Rating
Class                    To                  From
S-1E                     BB+ (sf)/Watch Pos  BB+ (sf)
 
Pegasus 2007-1, Ltd.
                                 Rating
Class                    To                  From
A1                       B+ (sf)/Watch Neg   B+ (sf)
A2                       B+ (sf)/Watch Neg   B+ (sf)
 
Prelude Europe CDO Ltd.
2006-1
                                 Rating
Class                    To                  From
Notes                    B- (sf)/Watch Pos   B- (sf)
 
REVE SPC
EUR15 mil, JPY3 bil, US$81 mil REVE SPC Segregated Portfolio of Dryden XVII 
Notes
                                 Rating
Class                    To               From
Series 40                B (sf)           B (sf)/Watch Neg
 
Rutland Rated Investments
Series LYNDEN 2006-1 (21)
                                 Rating
Class                    To                  From
A1-L                     BB (sf)/Watch Pos   BB (sf)
 
Rutland Rated Investments
EUR5 mil, US$197 mil Dryden XII - IG Synthetic CDO 2006-1
                                 Rating
Class                    To                  From
A2-$LS                   A- (sf)/Watch Pos   A- (sf)
 
Rutland Rated Investments 
US$105 mil Dryden XII - IG Synthetic CDO 2006-2
                                 Rating
Class                    To                    From
A1-$LS                   BBB- (sf)/Watch Pos   BBB- (sf)
 
Seawall 2007-2 (AAA Synthetic ReREMIC) Ltd
                                 Rating
Class                    To                  From
A                        BB+ (sf)/Watch Neg  BB+ (sf)
B                        BB+ (sf)/Watch Neg  BB+ (sf)
 
Seawall 2007-3 (AAA Synthetic ReREMIC) Ltd
                                 Rating
Class                    To                  From
A                        BB+ (sf)/Watch Neg  BB+ (sf)
B                        BB+ (sf)/Watch Neg  BB+ (sf)

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