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Thursday, July 19, 2007

S&P Cuts Rtgs On 75 US Synth ABS CDOs

by Calculated Risk on 7/19/2007 01:47:00 PM

More downgrades from Standard & Poor's:

Standard & Poor's Ratings Services today lowered its ratings on 93 tranches from 75 U.S. synthetic collateralized debt obligation of asset-backed securities (CDO of ABS) transactions.

The downgrades follow a review of all of Standard & Poor's rated synthetic CDO transactions with exposure to U.S. residential mortgage-backed securities backed by subprime first-lien collateral ("U.S. subprime first-lien RMBS") that saw ratings lowered on July 12, 2007 (see the related press release, "Various U.S. First-Lien Subprime RMBS Classes Downgraded," published July 12, 2007, on RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com, and on Standard & Poor's Web site, www.standardandpoors.com).