S&P takes rating actions on 10 European synthetic CDOs

OVERVIEW

-- We have taken recent rating actions on the underlying collateral or reference obligation to which 10 tranches are weak-linked or dependent.

-- Today, we have therefore also taken corresponding action on these 10 tranches.

-- These transactions are European synthetic CDOs.

LONDON (Standard & Poor's) Oct. 5, 2012--Standard & Poor's Ratings Services today took various credit rating actions on 10 European collateralized debt obligation (CDO) tranches.

Specifically, we:

-- Removed from CreditWatch negative our ratings on nine tranches; and

-- Placed on CreditWatch positive our rating on one tranche.

For the full list of today's rating actions see "List Of European Synthetic CDO Rating Actions At Oct. 5, 2012 Following Dependent Rating Actions."

Today's rating actions on these 10 tranches follow our recent rating actions on the underlying collateral or reference obligation. Under our criteria applicable to transactions such as these, we would generally reflect changes to the rating on the collateral or reference obligation in our rating on the tranche (see "Related Criteria And Research").

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 Reports included in this credit rating report are available at .

RELATED CRITERIA AND RESEARCH

-- List Of European Synthetic CDO Rating Actions At Oct. 5, 2012 Following Dependent Rating Actions, Oct. 5, 2012

-- Counterparty Risk Framework Methodology And Assumptions, May 31, 2012

-- European Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, March 14, 2012

-- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011

-- Criteria For Rating Synthetic CDO Transactions: Legal Analysis And Surveillance, Sept. 1, 2004

-- Criteria For Rating Synthetic CDO Transactions: Other Synthetic Structures, Sept. 1, 2004

(New York Ratings Team)

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