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TEXT-S&P cuts Anderson Mezzanine Funding 2007-1 class S rating
May 30, 2012 / 4:17 PM / 5 years ago

TEXT-S&P cuts Anderson Mezzanine Funding 2007-1 class S rating

OVERVIEW	
     -- Anderson Mezzanine Funding 2007-1 Ltd. is a CDO backed by hybrid 	
mezzanine structured finance assets.	
     -- We downgraded the class S notes to 'CCC- (sf)' based on the 	
deterioration of the underlying collateral.	
    	
     May 30 - Standard & Poor's Ratings Services today lowered its rating on the
class S notes from Anderson Mezzanine Funding 2007-1 Ltd., a collateralized debt
obligation of asset-backed securities transaction. At the same time, we removed
the rating on the class S notes from CreditWatch with negative implications,
where we placed it on Feb. 10, 2012 (see list).	
	
We downgraded the class S notes to 'CCC- (sf)' due to credit deterioration. We 	
noted that all the underlying assets were defaulted according to the most 	
recent trustee report as of May 8, 2012. 	
	
The class S notes pay $34,583 as per a schedule on each payment date until the 	
July 2013 maturity date. On the May 14, 2012, current payment date, the notes 	
only paid $14,097.61 of principal, which is less than the expected scheduled 	
payment. Any scheduled principal payment that is missed can be paid back on 	
following payment dates. 	
	
Standard & Poor's will continue to review whether, in its view, the ratings 	
currently assigned to the notes remain consistent with the credit enhancement 	
available to support them and take rating actions as we deem necessary.	
	
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	
 	
     -- Global CDOs Of Pooled Structured Finance Assets: Methodology And 	
Assumptions, published Feb. 21, 2012.	
     -- Principles Of Credit Ratings, published Feb. 16, 2011.	
     -- General Criteria: Understanding Standard & Poor's Rating Definitions, 	
published June 3, 2009.	
     -- Principles-Based Rating Methodology For Global Structured Finance 	
Securities, published May 29, 2007.	
     -- CDO Spotlight: General Cash Flow Analytics For CDO Securitizations, 	
published Aug. 25, 2004.	
 	
 	
RATING AND CREDITWATCH ACTION	
 	
Anderson Mezzanine Funding 2007-1 Ltd.	
                Rating	
Class        To         From	
S            CCC- (sf)  B (sf)/Watch Neg	
	
OTHER RATINGS OUTSTANDING 	
	
Anderson Mezzanine Funding 2007-1 Ltd.	
Class        Rating	
A-1a         D (sf)	
A-1b         D (sf)	
A-2          D (sf)	
B            D (sf)	
C            D (sf)	
D            D (sf)

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