S & P | Views on Subprime and Related Mortgage Markets - Ratings Actions

Structured Finance

Residential Mortgage-Backed Securities (RMBS)

November 2008

11.24.08	Ratings Cut On 250 Ambac-Insured U.S. RMBS Classes From 254 Deals; 197 Ratings On Watch Neg

11.11.08	U.S. Alt-A RMBS Classes Affected By Nov. 11, 2008, Rating Actions

11.05.08	U.S. Alt-A RMBS Classes From 2006 And 2007 Vintages Affected By Nov. 5, 2008 Rating Actions

October 2008

10.30.08	U.S. Alt-A RMBS Classes From 2006 And 2007 Vintages Affected By Oct. 30, 2008, Rating Actions

10.30.08	Projected Losses For 2005 Vintage U.S. Alt-A RMBS Underlying Mortgage Collateral

10.28.08	U.S. Prime Jumbo RMBS Classes Affected By Oct. 28, 2008, Rating Actions

10.27.08	U.S. Alt-A RMBS Classes Affected By Oct 27, 2008, Rating Actions

10.20.08	760 Ratings Cut On 85 '06-'07 U.S. Neg-Am Alt-A RMBS Deals; 303 Affirmed, 10 On Watch Negative

10.15.08	U.S. Alternative-A RMBS Classes Affected By Oct, 15, 2008, Rating Actions

10.13.08	Revised Projected Losses For U.S.Alt-A Fixed-Rate And Long-Reset Hybrid RMBS Deals Issued In 2006-2007

September 2008

09.12.08	Revised Projected Losses For 2005-2007 Vintage U.S. Closed-End Second-Lien RMBS Transactions

August 2008

08.22.08	68 Ratings Lowered To 'D' On 63 U.S. Subprime RMBS Deals Following Principal Write-Downs

08.20.08	334 Ratings From 46 U.S. Subprime RMBS Transactions Lowered; 295 Ratings Affirmed

08.20.08	Revised Projected Losses For 2006/First-Half 2007 U.S. Alt-A Short-Reset Hybrid And Neg-Am RMBS

08.19.08	Projected Losses For U.S. Subprime RMBS Issued Between January 2006 And June 2007

08.14.08	248 Ratings Lowered On 20 First-Half 2007 U.S. Prime Jumbo RMBS Deals; 20 Affirmed

08.07.08	60 Ratings Lowered On 12 U.S. Alt-A RMBS Deals, 41 Off Watch Neg; 89 Affirmed, Off Watch Neg

July 2008

07.29.08	U.S. Alternative-A RMBS Classes Affected By July 29, 2008, CreditWatch Placements

07.28.08	Standard & Poor's Projected Losses For 2005-2007 Vintage U.S. HELOC RMBS Transactions

07.24.08	Ratings Lowered To 'D' On 59 U.S. Subprime RMBS Transactions Following Principal Write-Downs

07.23.08	1,317 Ratings Cut On 270 U.S. Subprime RMBS Deals Issued In 2005; 390 Ratings Put On Watch

07.16.08	81 Ratings Lowered To 'D' From 59 U.S. Closed-End Second-Lien RMBS Deals

07.15.08	93 Ratings Lowered On 26 U.S. Alt-A RMBS Transactions Issued In 2006, 2007; 74 Off Watch Negative

07.09.08	77 Ratings Lowered On 22 U.S. Subprime RMBS Transactions; 235 Ratings Affirmed

June 2008

06.11.08

80 Ratings Lowered To 'D' On 71 U.S. Closed-End Second-Lien RMBS Deals

May 2008

05.28.08	Ratings Lowered To 'D' On 13 U.S. Subprime RMBS Transactions Issued In 2006

05.28.08	Ratings On Two GSAMP And Long Beach Closed-End Second-Lien RMBS Transactions Cut To 'D'

05.28.08	2007-Vintage U.S. Alt-A RMBS Classes Affected By May 28, 2008, Rating Actions

05.28.08	Ratings Lowered On 1,326 U.S. Alt-A RMBS Classes Issued In 2007; 567 On Watch, 293 Affirmed

05.22.08	Ratings Lowered On 125 U.S. Prime Jumbo RMBS Classes Issued In 2007; 156 Ratings On Watch Negative

05.22.08	93 Ratings Lowered On 59 U.S. NIMS RMBS Transactions Issued Between 2003 And 2005

05.22.08	2007-Vintage U.S. Prime Jumbo RMBS Classes Affected By May 22, 2008, Rating Actions

05.14.08	Ratings Cut On 169 U.S. Subprime RMBS Classes Issued In 2007; 229 Subprime Ratings Affirmed

05.13.08	U.S. HELOC RMBS Classes Affected By May 13, 2008 Rating Actions

05.09.08	2005-Vintage U.S. Prime Jumbo RMBS Classes Affected By May 9, 2008 Rating Actions

05.01.08	U.S. Prime Jumbo RMBS Classes Affected By May 1, 2008 Rating Actions

April 2008

04.29.08	196 Ratings Cut On 96 U.S. Subprime RMBS NIMS Deals Issued In 2007, 52 Ratings Affirmed

04.29.08	Ratings Lowered On 2,183 U.S. Alt-A RMBS Classes Issued In 2006; 487 Ratings On Watch Negative

04.29.08	U.S. Alt-A RMBS Classes Affected By April 29, 2008, Rating Actions

04.29.08	Projected Losses For 2006 Vintage U.S. Alt-A RMBS Affected By April 29, 2008, Rating Actions

04.24.08	184 Closed-End 2nd-Lien '07 RMBS Ratings Lowered; Some Off Watch Neg, 24 On Watch Negative

04.24.08	Projected Losses For U.S. Subprime RMBS Issued In 2006 And First-Half 2007 As Of April 24, 2008

04.15.08	Ratings On 559 Classes From 103 U.S.Subprime RMBS Deals Issued In 2007 Placed On Watch Neg

04.03.08	Ratings Cut On 61 U.S. Subprime RMBS Classes Issued In 2006; 53 Subprime Ratings Affirmed

04.01.08	Ratings Lowered On 44 U.S. Subprime RMBS Classes Issued In 2006; 51 Subprime Ratings Affirmed

March 2008

03.28.08	81 Ratings On 21 U.S. RMBS Deals From Four Issuers Lowered; 103 Ratings Affirmed

03.26.08	Three U.S. Closed-End Second-Lien Classes From '07 Downgraded To 'D'; 206 Ratings On Watch Neg

03.24.08	314 U.S. RMBS Ratings Placed On CreditWatch Negative After FGIC CreditWatch Revisions

03.20.08	Ratings Lowered On 39 U.S. Subprime RMBS Classes Issued In 2006; 37 Subprime Ratings Affirmed

03.17.08	U.S. Jumbo RMBS Classes Affected By March 17, 2008, CreditWatch Actions

03.17.08	Ratings Lowered On 91 U.S. RMBS Subprime Classes Issued In 2006; 58 Subprime Ratings Affirmed

February 2008

02.29.08	U.S. Alt-A Classes Affected By Feb. 29, 2008, CreditWatch Actions

02.29.08	Ratings On 1,887 U.S. Alt-A RMBS Classes Issued In 2006 And 2007 Put On CreditWatch Negative

02.26.08	U.S. RMBS Ratings Affected By FGIC, MBIA, And XL CapitalRating Actions

02.25.08	U.S. Subprime RMBS NIMS Classes Affected By Feb. 25, 2008, Rating Actions

January 2008

01.30.08	S&P Takes Action On 6,389 U.S. Subprime RMBS Ratings And 1,953 CDO Ratings

01.30.08	U.S. RMBS Ratings Affected By Jan.30, 2008, Rating Actions

01.22.08	Ratings Cut On 85 Classes From 56 U.S. NIMS RMBS Transactions Issued In 2004

01.15.08	U.S. RMBS Surveillance & CDO Of ABS Assumptions Revised Amid Defaults,Negative Housing Outlook

01.14.08	Ratings Cut On 56 Classes From 32 U.S. Alt-A NIMS RMBS Deals Issued In 2005, 2006; Off Watch

01.02.08	74 Ratings On Various RMBS Transactions Cut; Some On CreditWatch Negative

December 2007

12.21.07	Reviewing The Impact Of Rate Freezes On Rated U.S. First-Lien Subprime RMBS Under Two Scenarios (pdf)

12.20.07	Ratings Lowered On 793 U.S. Closed-End Second-Lien RMBS Classes From 2004, 2005, And 2006 (pdf)

12.20.07	U.S. Closed-End Second-Lien RMBS Classes Affected By Dec. 20, 2007, Ratings Actions (pdf)

12.19.07	S&P Cuts 1,292 U.S. Alt-A RMBS Classes From 2005 And 2006 (pdf)

12.19.07	Standard & Poor's Revised Default And Loss Curves For U.S. Alt-A RMBS Transactions - December 19, 2007 (pdf)

12.11.07	Weekly U.S. RMBS Rating Action Recap For 2005, 2006 Vintages: Dec. 3-Dec. 7, 2007

12.09.07	547 U.S. Alt-A RMBS And NIMS Ratings Placed On CreditWatch Negative

12.06.07	Report Discusses S&P's Views On Freezing Interest Rates On U.S. Subprime ARMs

12.05.07	Weekly U.S. RMBS Rating Action Recap For 2005, 2006 Vintages: Nov. 26-Nov. 30, 2007

November 2007

11.28.07	Weekly U.S. RMBS Rating Action Recap For 2005, 2006 Vintages: Nov. 19-Nov. 23, 2007

11.19.07	Fifty-Nine U.S. Closed-End Second-Lien RMBS Ratings Lowered To 'D' After Classes Default

11.16.07	536 U.S. 1st-Lien Subprime, Alt-A, Closed-End 2nd-Lien 2007-Vintage RMBS Classes Downgraded

11.16.07	803 U.S. Closed-End Second-Lien RMBS Ratings Placed On CreditWatch Negative

11.14.07	Weekly U.S. RMBS Rating Action Recap For 2005, 2006 Vintages: Nov. 5-Nov. 9, 2007

October 2007

10.26.07	377 U.S. Subprime RMBS NIMS Classes Downgraded (PDF)

10.23.07	Standard & Poor’s Is Exploring Alternative Trigger Types For U.S. RMBS Deals (PDF)

10.22.07	Prior Ratings Reinstated On Two HSI Asset Securitization Deals; All Put On Watch Neg

10.19.07	Ratings Lowered on 1,413 U.S. RMBS Classes Backed By Subprime Mortgage Loans from the 4Q 2005 – 4Q 2006 Press Release (PDF)

10.19.07	Ratings Cut On 1,413 1st-Lien Subprime RMBS Classes from Fourth-Quarter 2005 and 2006 Vintages (PDF)

10.17.07	Standard & Poor’s Ratings Services Reviews Ratings on Certain U.S. Residential Mortgage-Backed Securities Issued in 2007 Press Release (PDF)

10.17.07	Review Of U.S. RMBS From First-Half 2007 Yields Downgrades, Watch Placements, Affirmations

10.16.07	S&P Alters Modeling Assumptions for Step-Down Provisions to Enhance Credit Support for US RMBS Press Release (PDF)

10.15.07	Summary Media Release: Ratings Lowered On 402 First-Lien Subprime U.S. RMBS Classes From 1Q-3Q Of 2005 (PDF)

10.15.07	U.S. Subprime Classes Issued During First Three Quarters Of 2005 Affected By Oct. 15, 2007, Rating Actions (PDF)

10.15.07	Ratings Lowered On 402 First-Lien Subprime U.S. RMBS Classes From 1Q-3Q Of 2005 (PDF)

September 2007

09.28.07	S&P CORRECT: Terwin Mortgage Trust Ratings Cut On 35 Closed-End 2nd-Lien And Subprime Classes

09.25.07	Fremont Home Loan Trust 2006-B Closed-End 2nd-Lien Transaction Ratings Lowered On Six Classes

09.25.07	Bear Stearns Mortgage Funding Trust 2006-SL1 Ratings Cut On Eight Second-Lien Classes

09.25.07	Two Nomura Asset Acceptance Alternative Loan Trust 2006-S2 Closed-End 2nd-Lien Ratings Cut

09.25.07	CWABS Asset Backed Certificates Trust 2006-SPS1 Ratings Cut On 7 Closed-End 2nd-Lien Classes

09.25.07	Ace Securities Home Equity Loan Trust 2006-SL2 Ratings Cut On 3 Closed-End 2nd-Lien Classes

09.25.07	SACO I Trust Ratings Lowered On 26 Closed-End Second-Lien Classes From Eight Series

09.25.07	Long Beach Mortgage Loan Trust 2004-1 Ratings Lowered On Two Classes; 10 Ratings Affirmed

August 2007

08.30.07	13 U.S. Alt-A RMBS NIMS Classes Downgraded

08.27.07	195 Subprime RMBS NIMS Classes Downgraded; Surveillance And New Issue Assumptions Revised

08.17.07	158 Alt-A RMBS Classes Downgraded; Revised Surveillance Assumptions Cited

08.07.07	Ratings On 207 U.S. Alt-A RMBS Classes Placed On CreditWatch Negative

July 2007

07.19.07	Home Equity Mortgage Trust Ratings Lowered On 16 Closed-End Second-Lien Classes From 3 Deals (PDF)

07.19.07	418 Closed-End Second-Lien RMBS Classes Downgraded; Revised Rating Assumptions Announced

07.12.07	Various U.S. First-Lien Subprime RMBS Classes Downgraded

07.11.07	S&P Revised/Updated: 612 U.S. Subprime RMBS Classes Put On Watch Neg; Methodology Revisions Announced

07.03.07	Weekly U.S. RMBS Rating Action Recap For 2005, 2006 Vintages: June 25-29, 2007 (PDF)

June 2007

06.27.07	Weekly U.S. RMBS Rating Action Recap For 2005, 2006 Vintages: June 18-22, 2007 (PDF)

06.22.07	133 Subordinate Second-Lien, Subprime Ratings From 2006, 2005-Vintage RMBS On Watch Neg, Cut (PDF)

06.21.07	Weekly U.S. RMBS Rating Action Recap For 2005, 2006 Vintages: June 11-June 15, 2007 (PDF)

06.12.07	Weekly U.S. RMBS Rating Action Recap For 2005, 2006 Vintages: June 4-June 8, 2007 (PDF)

May 2007

05.31.07	Weekly U.S. RMBS Rating Action Recap For 2005, 2006 Vintages: May 21-25, 2007

05.24.07	Subordinate Classes From Various 2006 And 2005-Vintage RMBS Deals Downgraded Or On Watch Neg (PDF)

April 2007

04.25.07

Ratings on 20 Subprime And 32 Alt-A Classes From 2005-Vintage RMBS Deals Put On Watch Neg

February 2007

02.14.07

18 Subprime, Alt-A, Closed-End Second-Lien Ratings From 2006 Vintage Deals Put On Watch Neg (PDF)

Structured Finance

Collateralized Debt Obligations (CDOs)

September 2008

09.24.08	U.S. Synthetic CDO Ratings Affected By Sept. 24, 2008, Ratings Actions

09.10.08	99 Ratings Lowered On 22 U.S. CDOs Of ABS; $10.178 Billion In Issuance Affected

August 2008

08.21.08	110 Ratings Lowered On 24 U.S. CDOs Of ABS And 1 Synthetic CDO; $15.340B In Issuance Affected

08.20.08	49 Ratings Lowered On 11 U.S. CDOs Of ABS; $4.441 Billion In Issuance Affected

08.15.08	82 Ratings On 35 Synthetic CDOs Affirmed, Off Watch Negative Following Monoline Review

08.12.08	93 Ratings Lowered On 20 U.S. CDOs Of ABS; $17.628 Billion In Issuance Affected

July 2008

07.31.08	78 Ratings Lowered On 16 U.S. CDOs Of ABS; $14.871 Billion In Issuance Affected

07.24.08	73 Ratings Lowered On 18 U.S. CDOs Of ABS And 2 Synthetic Deals; $13.413B In Issuance Affected

07.17.08	82 Ratings Lowered On 23 U.S. CDOs Of ABS And 5 Synthetic Deals; $16.335B In Issuance Affected

07.16.08	378 Ratings On 96 U.S. Trust Preferred CDOs Placed On CreditWatch Negative

07.09.08	109 Ratings Lowered On 36 U.S. CDO Of ABS Deals; $29.291 Billion In Issuance Affected

June 2008

06.17.08	330 Ratings From 92 CDO of ABS And CDO Of CDO Transactions On CreditWatch Negative

May 2008

05.29.08	133 Ratings Lowered On 28 U.S. CDOs Of ABS And 1 Synthetic Deal; $18.463B In Issuance Affected

05.22.08	70 Ratings Lowered On 18 U.S. CDOs Of ABS And 1 Synthetic Deal; $12.366B In Issuance Affected

April 2008

04.16.08	Ratings On 331 Classes From 79 U.S. CDOs Of ABS Put On Watch Neg; $50.9B In Issuance Affected

04.14.08	31 Ratings Lowered On Eight U.S. CDO Of ABS Deals; $1.471 Billion In Issuance Affected

04.08.08	21 Ratings Lowered On Six U.S. CDO Of ABS Deals; $723.4 Million In Issuance Affected

04.08.08	Cash Flow And Hybrid CDO Of ABS Event Of Default Notices Received As Of April 7, 2008

04.04.08	22 Ratings Lowered On Five U.S. CDO Of ABS Deals; $5.188 Billion In Issuance Affected

04.01.08	86 Ratings Lowered On 20 U.S. CDOs Of ABS Deals; $9.107 Billion In Issuance Affected

March 2008

03.27.08	44 Ratings Lowered On Nine U.S. CDO of ABS Transactions; $10.80 Billion In Issuance Affected

03.25.08	195 Ratings Lowered On 32 U.S. CDO Of ABS Deals; $39.58 Billion In Issuance Affected

03.14.08	90 Ratings Lowered On 16 U.S. CDO Of ABS Transactions; $17.756 Billion In Issuance Affected

03.12.08	63 Ratings Lowered On 11 U.S. CDO Of ABS Transactions; $6.912 Billion In Issuance Affected

03.11.08	Cash Flow And Hybrid CDO Of ABS Event Of Default Notices Received As Of March 10, 2008

February 2008

02.28.08	74 Ratings Lowered On 13 U.S. CDO Of ABS Transactions; $6.443 Billion In Issuance Affected

02.26.08	U.S. Synthetic CDO Transactions Affected By Feb. 26, 2008, Rating Actions

02.22.08	114 Ratings Lowered On 17 U.S. CDO Of ABS Transactions; $12.685 Billion In Issuance Affected

02.21.08	CDO Of ABS And CDO Of CDO Event Of Default Notices Received As Of Feb 20, 2008

02.20.08	95 Ratings Lowered On 13 U.S. CDO Of ABS Transactions; $10.773 Billion In Issuance Affected

02.20.08	84 Ratings On 15 U.S. CDOs Of ABS Placed On Watch Neg; $6.654 Billion In Issuance Affected

02.19.08	125 Ratings Lowered On 18 U.S. CDO Of ABS Transactions; $13.774 Billion In Issuance Affected

02.14.08	49 Ratings Lowered On Seven U.S. CDO Of ABS Transactions; $5.706 Billion In Issuance Affected

02.06.08	CDO Of ABS And CDO Of CDO Event Of Default Notices Received As Of Feb 5, 2008

02.06.08	NEO CDO 2007-1 Ltd. Ratings Lowered After Liquidation Notice

02.06.08	U.S. ABCP Conduit Ratings Not Affected By Feb. 6 U.S. Cash Flow, Hybrid CDO Rating Actions

02.06.08	94 Ratings Lowered On 17 U.S. CDO Of ABS Transactions; $8.923 Billion In Issuance Affected

02.05.08	26 Ratings Lowered On Four U.S. CDO Of ABS Transactions; $4.327 Billion In Issuance Affected

02.04.08	Correlation And Recovery Assumptions Revised For CDOs Of ABS Backed By RMBS

02.01.08	Transition Study: Credit Quality Of Global CDOs Of ABS And SIVs Took A Hit In 2007, While CLOs Performed Well

January 2008

01.30.08	CDO Of ABS And CDO Of CDO Event Of Default Notices Received As Of Jan. 28, 2008

01.30.08	S&P Takes Action On 6,389 U.S. Subprime RMBS Ratings And 1,953 CDO Ratings

01.30.08	CDO Ratings Affected By Jan. 30,2008, Rating Actions

01.23.08	CDO Of ABS And CDO Of CDO Event Of Default Notices Received As Of Jan. 21, 2008

01.17.08	95 Ratings Lowered On 23 U.S. CDOs Of ABS; $4.752 Billion In Issuance Affected

01.15.08	U.S. RMBS Surveillance & CDO Of ABS Assumptions Revised Amid Defaults,Negative Housing Outlook

01.15.08	CDO Of ABS And CDO Of CDO Event Of Default Notices Received As Of Jan. 14, 2008

01.14.08	Ratings On Four CDOs Of ABS Cut Following Notices Of Liquidation; 16 Ratings On Watch Neg

01.11.08	149 Ratings Cut On 31 U.S. Cash Flow, Hybrid CDOs Of ABS; $8.739 Billion In Issuance Affected

01.08.08	Cash Flow And Hybrid CDO Event Of Default Notices Received As Of Jan. 7, 2008

01.04.08	149 Ratings From 43 U.S. Cash Flow And Hybrid CDOs Placed On CreditWatch Negative

01.02.08	U.S. CDO Event Of Default Notices Received As Of Dec. 31, 2007

December 2007

12.21.07	Ratings Lowered On 10 Synthetic CDO Deals After RMBS Alt-A, Closed-End 2nd-Lien Downgrades

12.21.07	U.S. CDO Event Of Default Notices Received As Of Dec. 18, 2007

12.20.07	29 Ratings On Index Constant Proportion Debt Obligations Placed On CreditWatch Negative

12.19.07	Ratings On 15 U.S. Cash Flow And Hybrid CDO Deals On Watch Neg After RMBS Alt-A Downgrades

12.18.07	156 Ratings Cut On 36 U.S. Cash Flow, Hybrid CDOs Of ABS; 63 Ratings On 13 Deals Put On Watch

12.11.07	U.S. CDO Event Of Default Notices Received As Of Dec. 10, 2007

12.06.07	101 Ratings Lowered On 24 U.S. Cash Flow, Hybrid CDOs Of ABS; $4.498B In Securities Affected

12.06.07	Sagittarius CDO I Ltd. Ratings Lowered Following Termination Of Liquidity Facility

12.03.07	U.S. CDO Event Of Default Notices Received As Of Dec. 3, 2007 (PDF)

November 2007

11.29.07	U.S. ABCP Conduit Ratings Not Affected By Nov. 29 U.S. Cash Flow, Hybrid CDO Rating Actions

11.29.07	106 Ratings Lowered On 22 U.S. Cash Flow, Hybrid CDOs Of ABS; $4.416B In Securities Affected

11.21.07	136 Ratings Lowered On 28 U.S. Cash Flow, Hybrid CDOs Of ABS; $5.025B In Securities Affected

11.20.07	Adams Square Funding I Ltd. Ratings Lowered On Seven Classes Following Notice Of Liquidation

11.20.07	U.S. CDO Event Of Default Notices Received As Of Nov. 19, 2007

11.19.07	Ratings On Three CDO Transactions Placed On CreditWatch Negative After Events Of Default

11.14.07	112 Ratings Lowered On 21 U.S. Cash Flow, Hybrid CDOs Of ABS; $4.689B In Securities Affected

11.15.07	11 Ratings On Five U.S. Trust Preferred CDOs Placed On CreditWatch Negative; Others Affirmed

11.14.07	112 Ratings Lowered On 21 U.S. Cash Flow, Hybrid CDOs Of ABS; $4.689B In Securities Affected

11.08.07	Carina CDO Ltd. Ratings Lowered Following A Notice Of Liquidation

11.05.07	46 Ratings On Nine Cash Flow, Hybrid CDOs Of ABS Lowered; Others Affirmed

October 2007

10.31.07	S&P Offers Guidance On Treatment Of CDOs With O/C Events Of Default; Two Ratings On Watch Negative (PDF)

10.30.07	Revised Guidelines On Rating New CDOs With Certain U.S. RMBS Exposure (PDF)

10.29.07	16 Ratings On Three Cash Flow, Hybrid CDOs Of ABS Lowered (PDF)

10.23.07	145 Ratings On 97 U.S. Synthetic CDOs Cut, One On Watch Neg; $3.68 Bil. In Issuance Affected

10.22.07	590 Ratings On 176 U.S. Cash Flow, Hybrid CDOs Put On Watch Neg; $20.616B In Notes Affected

September 2007

09.25.07

Ratings Cut On 46 Tranches From 9 U.S. Trust Preferred REIT CDOs; $936.875M In Notes Affected

August 2007

08.28.07	34 Ratings On Eight U.S. Cash Flow, Hybrid CDOs Put On Watch Neg; $1.312B In Notes Affected

08.16.07	Fifty Ratings On 12 Cash Flow, Hybrid CDOs Lowered; 19 Ratings On Six Deals Affirmed

08.09.07	76 Ratings On 19 U.S. Cash Flow, Hybrid CDOs Put On Watch Neg; $2.163 Bil. In Notes Affected

08.07.07	Alt-A RMBS CreditWatch Actions Not Expected To Have A Significant Impact On U.S. CDO Ratings

08.03.07	25 Ratings On Six Cash Flow, Hybrid CDO Transactions Lowered, Off Watch Neg; Five Affirmed

July 2007

07.31.07	Ratings On 10 Cash Flow, Hybrid CDO Deals Put On Watch Neg; $1.025 Billion In Notes Affected

07.31.07	Ratings On 10 Cash Flow, Hybrid CDO Deals Put On Watch Neg; $1.025 Billion In Notes Affected - Table

07.26.07	Various Rating Actions Taken On U.S. Synthetic CDO Transactions

07.23.07	Various Ratings On 8 Cash Flow, Hybrid CDOs Put On Watch Neg; $1.76 Billion In Notes Affected

07.19.07	Ratings On 8 Cash Flow, Hybrid CDOs On WatchNeg After U.S. Closed-End 2nd-Lien RMBS Downgrades

07.19.07	Ratings On 75 U.S. Synthetic CDOs Of ABS Lowered Following U.S. Subprime RMBS Review

07.18.07	S&P Comments On Process For Rating New CDOs With U.S. RMBS Exposure

07.16.07	Ratings On 19 Cash Flow, Hybrid CDOs Put On Watch Neg After 1st-Lien Subprime RMBS Downgrades

07.13.07	Update On Rated Global CDOs With Exposure To RMBS Alt-A, Closed-End 2nd-Lien, NIMS Tranches

07.10.07	S&P Revised/Updated: Global CDO Deals Exposed To Subprime RMBS Reviewed

Structured Finance

Asset-Backed Commercial Paper (ABCP) and Structured Investing Vehicles (SIV)

February 2008

02.22.08	Whistlejacket Capital Ltd. SIV Ratings Lowered To ‘D’

02.15.08	Whistlejacket Capital Ltd. ICR And SIV Ratings Cut; Remain On CreditWatch Negative

02.12.08	Whistlejacket Capital ICR And SIV Ratings Cut, Put On WatchNeg;Cap Nts Remain On WatchNeg

December 2007

12.07.07	S&P Assigns Negative Outlook To Most SIVs, Puts Three On Watch Neg, Lowers 14 Junior Ratings

12.07.07	U.S. ABCP Conduit Ratings Not Affected By Dec. 6, 2007, Cash Flow, Hybrid CDO Rating Actions

12.03.07	Ratings On Duke Funding And Sachsen Funding SIV-Lites Lowered

November 2007

11.27.07	Axon Financial Funding Issuer Credit And SIV Ratings Lowered To 'D'

11.09.07	Ratings On Ottimo Funding Ltd. Extendible ABCP Notes & Subordinated Term Notes Lowered To 'D'

11.09.07	Axon Financial Funding Issuer Credit, SIV Ratings Lowered; Remaining On Watch Negative

October 2007

10.30.07	Axon Financial Funding Issuer Credit, SIV Ratings Lowered; Remaining On Watch Negative

10.22.07	S&P CORRECT: Ratings Lowered On Cheyne Finance SIV CP

10.19.07	S&P Lowers Ratings On Rhinebridge SIV CP

10.16.07	Rhinebridge SIV Ratings Lowered; Remain On CreditWatch Negative

10.11.07	Axon Financial Funding Subordinated Mezz Notes Downgraded; All Axon Ratings On Watch Negative

10.03.07	Ottimo Funding Extendible ABCP, Subordinated Term Note Ratings Lowered, Remain On Watch Neg

September 2007

09.14.07	Axon Financial Funding Issuer Credit, SIV Ratings Placed On CreditWatch Negative

09.07.07	Rating On Cheyne Finance SIV Capital Notes Lowered; Remains On CreditWatch Negative

August 2007

08.31.07	Restructure Of Cairn SIV-Lite Triggers Downgrade And Rating Withdrawal; New Ratings Assigned

08.30.07	Ottimo Funding Extendible ABCP Rating Lowered To 'A-2'; Subordinated Term Ratings On Watch Neg

08.28.07	S&P Lowers Ratings On Cheyne Finance SIV And Places On Watch Neg

08.24.07	Ratings On Golden Key Ltd. Notes Lowered Following Enforcement Event

08.24.07	Ratings On Mainsail II Ltd. Notes Lowered Following Enforcement Event

08.22.07	SIV-Lite Rating Actions Will Not Adversely Affect European And U.S. ABCP Conduits

08.21.07	Various SIV-Lites Downgraded, Put On CreditWatch Negative, And Affirmed

08.17.07	US Multiseller Conduit And Certain Other ABCP Ratings Not Affected By US Mortgage Exposure

08.16.07	Bulletin: European ABCP Conduits Not Adversely Affected By U.S. Residential Mortgage Asset Exposure

08.14.07	S&P Takes Rating Actions On Extendible ABCP Conduits Backed By U.S. Residential Assets

08.14.07	Limited Exposure To Extended ABCP Programs Seen In S&P Principal Stability Rated Funds

08.07.07	U.S. ABCP Ratings Unaffected By Alt-A RMBS CreditWatch Negative Placements

08.06.07	Broadhollow Funding LLC Series 2004-A, 2005-A Subordinated Note Ratings Put On Watch Negative

08.06.07	Rating Affirmed On Broadhollow Funding LLC?s Secured Liquidity Notes (Extendible ABCP)

July 2007

07.10.07

RMBS CreditWatch Actions Not Expected To Affect U.S. And European ABCP Conduit, SIV Ratings

Financial Institutions

January 2008

01.30.08	What Is The Potential Impact On Banks Of Subprime Securities Downgrades?

August 2007

08.21.07	Rated Gulf Banks Show Limited Exposure To U.S. Subprime, Special S&P Survey Shows

08.16.07	Countrywide Financial Corp. Rating Lowered To 'A-/A-2', On CreditWatch Negative

08.10.07	U.S. Subprime Rating Impact Limited For Western European Banks

08.03.07	U.S. Subprime Impact Limited On Rated Asia-Pacific Banks And Insurers

08.02.07	U.S. Bond Insurers Withstand Subprime Stress

Bond Insurance

Bond Insurers

April 2009
04.15.09	Bond Insurer Ratings: Current List

December 2008
12.12.08	Rating Actions Taken On FSA-Insured Variable-Rate Demand And Tender Option Bonds

12.05.08	Ratings On Five Mortgage Insurers Placed On Watch Negative; Multi-Notch Downgrades Possible

November 2008
11.24.08	Financial Guaranty Insurance Co. Ratings Cut To 'CCC'; Off CreditWatch

11.24.08	S&P Corrects Ratings On Some Issues Guaranteed By Ambac

11.19.08	Ambac Assurance Corp. Rating Cut To 'A' From 'AA'; Outlook Negative

11.18.08	Syncora Guarantee Inc. Rating Cut To 'B' From 'BBB-'; On Watch Developing

October 2008
10.30.08	Dexia Credit Local Credit- And Liquidity-Enhanced Ratings Lowered; On CreditWatch Developing

10.27.08	MBIA Insurance 'AA' Rtg Assigned To Financial Guaranty Insurance Co.'s Reinsured Portfolio

10.08.08	Financial Security Assurance 'AAA' Ratings Placed On CreditWatch Negative

August 2008
08.29.08	Financial Guaranty Insurance Co. 'BB' Rating Remains On CreditWatch Negative

08.26.08	Ratings Lowered On Three Mortgage Insurer Groups: Old Republic, PMI, And Radian

08.22.08	CIFG Ratings Cut To 'B' From 'A-'; On CreditWatch Developing

08.14.08	Ambac Assurance Corp. 'AA' Ratings Affirmed And Taken Off Watch Neg; Outlook Is Negative

08.14.08	MBIA Insurance Corp. 'AA' Rtgs Affirmed With Negative Outlook; Off CreditWatch Negative

08.06.08	Financial Security Assurance Inc. Outlook Revised To Negative; 'AAA' Rating Affirmed

June 2008
06.18.08	Assured Guaranty Corp. 'AAA' Rating Affirmed With Stable Outlook

06.16.08	Radian Asset Assurance Inc. Rating Lowered To 'A' And Kept On CreditWatch Negative

06.06.08	XL Capital Assurance Inc., XL Financial Assurance Ltd. Lowered To 'BBB-'; On CreditWatch Neg

06.06.08	Financial Guaranty Insurance Co. Placed On CreditWatch Negative

06.06.08	CIFG's Financial Strength Rating Lowered To 'A-', Placed On CreditWatch Negative

06.05.08	Ambac and MBIA Financial Strength Ratings Lowered To ‘AA’ And Placed On CreditWatch Negative

April 2008
04.10.08	Standard & Poor's Takes Rating Action On FGIC-Insured Variable-Rate Demand Obligations

March 2008
03.28.08	Financial Guaranty Insurance Co. Lowered To 'BB' From 'A'

03.21.08	Financial Guaranty Insurance Co.'s CreditWatch Revised To Negative From Developing

03.12.08	Ambac Assurance Corp. Removed From CreditWatch Negative; Outlook Negative

03.12.08	Research Update: CIFG's Ratings Lowered To 'A+' From 'AAA'; Outlook Negative

03.05.08	Ambac Financial Group Inc.Announces Planned Financing; Ratings Unaffected

February 2008
02.27.08	Project Finance And Transport Issue Ratings Lowered Following Bond Insurer Downgrades

02.25.08	Detailed Results Of Subprime Stress Test Of Financial Guarantors

02.25.08	S&P Takes Additional Bond Insurer Rating Actions

January 2008
01.31.08	Standard & Poor's Lowers Rtgs On FGIC To 'AA' From 'AAA', Places MBIA, XLCA Rtgs On Watch Neg

01.21.08	22 Ambac-Insured, 'AAA' Rated Emerging Market Securitization Ratings Placed On Watch Negative

01.18.08	Ambac Assurance Corp. Ratings Placed On CreditWatch Negative

01.17.08	Standard & Poor's Updates Results Of Its Bond Insurance Stress Test For Revised Assumptions

01.11.08	Standard & Poor’s Suspends Ratings Of Transactions Insured By ACA Financial Guaranty Corp.

December 2007
12.21.07	Fourteen FGIC-Insured, 'AAA' Rated Emerging Market Securitization Ratings Placed On Watch Neg

12.19.07	S&P Takes Rating Actions On Six Bond Insurers

12.19.07	The Interaction Of Bond Insurance And Credit Ratings

12.19.07	Details Results of Subprime Stress Financial Guarantors

November 2007
11.27.07	PMI Guaranty Co.'s Ratings Off CreditWatch Negative; Outlook Negative

11.26.07	Capital Injection Is Demonstration Of Ownership Support Of CIFG?s 'AAA' Rating

11.09.07	ACA Financial Guaranty Corp. Placed On CreditWatch Negative On Effects Of Third-Quarter Loss

Structured Finance

Other Asset-Backed Securities

October 2008
10.09.08	Letter Of Credit-Supported Bond Issues Affected By Oct. 3, 2008,CreditWatch Placements Of Wachovia Bank N.A.

10.09.08	Letter Of Credit-Supported Bond Issues Affected By Oct. 6, 2008,Rating Actions On Royal Bank Of Scotland Group PLC Subsidiaries

10.08.08	Ratings On 192 Wells Fargo Bank, S.D. LOC-Supported Bonds Put On Watch Neg;3 Ratings Affirm

10.08.08	Letter Of Credit-Supported Bond Issues Affected By Oct. 3, 2008,CreditWatch Placements Of Wells Fargo Bank N.A., South Dakota

10.03.08	Various Rating Actions Taken On Wachovia Bank N.A. LOC-Supported Bond Issues

10.03.08	Letter Of Credit-Supported Bond Issues Affected By Sept. 29, 2008, CreditWatch Placements Of Wachovia Bank N.A.

10.02.08	Ratings On 37 Citibank N.A. New York, NY Bonds Placed On Watch Negative; 30 Ratings Affirmed

10.02.08	Letter Of Credit-Supported Bond Issues Affected By Sept. 29, 2008, CreditWatch Placement Of Citibank N.A. New York, NY-Supported Bonds

September 2008
09.18.08	Letter Of Credit-Supported Bond Issues Affected By September 15, 2008, Ratings Actions On Bank Of America Corp. And Subsidiaries

June 2008
06.09.08	799 U.S. ABS Ratings Lowered After MBIA And Ambac Rating Actions; 642 Put On Watch Negative

06.09.08	597 Bond-Insured U.S. RMBS Classes Downgraded After Ambac, MBIA Downgrades; 558 On Watch Negative

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Asset Class