Cayman Islands http://www.alacrastore.com/country-snapshot/Cayman Islands Thursday, May 15, 2008 8:54:49 PM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/648519?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/648519normThe latest News from S&Pglobalstructured5/15/2008 6:34:59 PM100News648519Cayman IslandsLatin AmericaGlobal IssuersStructured FinanceFinancial InstitutionsAsset-Backed SecuritiesCollateralized Debt ObligationsResidential MBSNewsNEW YORK (Standard&Poor's) May 15, 2008--Standard&Poor's Ratings Services today took the following rating actions on various U.S. synthetic collateralized debt obligation (CDO) transactions following the April month-end run: -- We placed 172 ratings on CreditWatch with negative implications; -- We lowered 86 ratings and removed three of them from CreditWatch with negative implications; -- We placed five ratings on CreditWatch with positive implications; -- We raised two ratings and removed one of them from CreditWatch negative; -- We withdrew one rating after the transaction unwound; and -- We affirmed nine ratings and removed them from CreditWatch negative (see list). The CreditWatch negative placements reflect negative rating migration in the respective portfolios and synthetic rated overcollateralization (SROC)CYM896076G90442Tribune Ltd.370604LATAMERICANEWSCYMIRLCANGBRUKRUSACHI00256100256A00257X00388P02124518922E18923C22538928257E45668445668B49373Y55960261749661749V61750E61750J61750L61751C61752C61752Q61753A61754061754G61754U61754W61757G61757W66270P74163U78464Q78465J78466A78466F78466M85233F86270486270687246H87246J87247A87247J88653F88653MG24244G2952VG7221U00081B00255900255B00255D00255Y00256N00257G04205R16462818922V22822926572828257F39807Q45668S46601W47545761748N61749061749761749U61751K61752B61752K61752P61753B61753D61754661754F61754M61755H61755M61755T61755V61756F61757D61757X61758A61758H65245474950478342278466P81274B81727581752X87246K87247D87247K88089M88089T88102H88653N88654GG49995G7221TG8440L00256C00256F00256V00256W00257B00257D00257F00257W00388J09972X11801112989W18922Y45670F46406549373M61747861748S61749961749D61750G61752F61752W61753F61753H61754461754561754X61755L61756G61757H66269S66269T67423Q69942476135078465F78465S85834C87246D87246G87247F87247H88102N88653988654D88654FG2952RG3025GG61975G6198A00255700256L00388A04205P12989N18922721887J22530839807F45667R45668E45668F45668H51220M51220N60649Q61748561748K61749Y61751R61752M61754A61754C61754D61755D61756T61757B61757T61791567423Z70841078465N81274A83415X87247L88089R88653JG0453SG0463CG0537UG2214BG2335PG29524G7778Q40203020 402030 4020 40Tiers Wolcott Synthetic CDO Floating Rate Credit Linked Trust Series 2007-28Primus Managed PRISMs 2004-1 Ltd.ABACUS 2005-1 CB1 Ltd.ABACUS 2006-12, Ltd.ABACUS 2006-8, Ltd.ARLO VI Ltd.REVE SPCDallaglio CDO 2005-4 Ltd.ABACUS 2006-HGS1, Ltd.Greystone CDO SPCABACUS 2006-11 LtdMagnolia Finance II PLCCredit Linked Notes Ltd. 2005-1Series 2006-1 Segregated Portfolio of GreystoneSeawall 2007-1 LtdSolar V CDO SPCSPGS SPC, acting for the account of ABSpoke 2006-IA Segregated PortfolioOban TrustABSpoke 2005-XA, Ltd.STEERS Credit Linked Trust Minoa Tranche Series 2006-1Eirles Two Ltd.Calyon Finance (Guernsey) Ltd.Crown City CDO 2005-1 LimitedNewport Waves CDOTiers Wolcott Synthetic CDO Floating Rate Credit Linked Trust Series 2007-31Argon Capital PLCABACUS 2004-2 Ltd.North Street Referenced Linked Notes, 2005-7, LimitedLunar Funding I Ltd.STACK LTDACA CDS 2006-1 Tranche FREPACS Trust Series 2006-1 Monte RosaIxion PLCCalibre 2004-XI LtdLakeview CDO SPCTIERS Derby Synthetic CDO Floating Rate Credit Linked TrustBuchanan SPCTiers Wolcott Synthetic CDO Floating Rate Credit Linked Trust Series 2007-29Irvington SCDO 2004-1Ltd.Cherry Hill CDO SPCACA CDS 2006-1B Tranche CTIERS Alaska Floating Rate Credit Linked Trust Series 2007-2TIERS Vermont Floating Rate Credit Linked Trust Series 2007-23Penn's landing CDO SPCABSpoke 2005-X LtdInfiniti SPC LimitedKiawah (New York) Trust Series 2007-1Momentum CDO (Europe) Ltd.Morgan Stanley ACES SPCABACUS 2004-3, Ltd.Rutland Rated InvestmentsMistletoe ORSO Trust 3REPACS Trust Series: WarwickABACUS 2005-3, Ltd.ABACUS 2005-5, LTD.Credit Default SwapNorth Street Referenced Linked Notes, 2004-6 LimitedABSpoke 2005-IC2, Ltd.TIERS Maine Floating Rate Credit Trust, 2007-24Jefferson Valley CDO SPCArlo III Ltd.Jupiter Finance Ltd.ABACUS 2006-9 Ltd.TIERS Montana Floating Rate Credit Linked Trust Series 2007-3STRATA Trust Ser 2006-17Credit and Repackaged Securities LimitedMorgan Stanley Managed ACES SPCNorth Street Referenced Linked Notes 2005-8 LimitedSTARTS (Ireland) PLCTerra CDO SPC Ltd.STRATA Trust Ser 2006-16Coriolanus Ltd.Alta CDO SPC Series 2007-1Cloverie PLCKiawah (New York) TrustABSpoke 2005-IB, Ltd.Calibre 2004-III, Ltd.Dunloe 2005-I LtdSentinel LimitedTIERS Georgia Credit Linked Trust Series 2007-21PARCS Master TrustTiers Wolcott Synthetic CDO Floating Rate Credit Linked Trust Series 2007-30Borealis No. 1 (CDO) LimitedABSpoke 2005-XII B Segregated Portfolio of SPGS SPC314884357220371742378910377457381085381752384625395759397328409864363236394354408175411700382389400369414710406873416764412786413958382113399876397787398473402652387661387793389517389597395198395598401231410457423106406764416090416387417093420435326587344505385417389045370459379240396990363396388516395443407386407495408179414722414974396470416669413186413861420436420438420590361768376358378171389267382994386936402589387756395544401203400365405365405370391593395912396296406174417120420060413185420437LATAMERICAEUROMIDAFRCANUSA1864Z@LNGLOBISSSTRUCFIABSCDORMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648464?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/648464normstructured5/15/2008 6:34:58 PM100News648464Cayman IslandsLatin AmericaStructured FinanceCollateralized Debt ObligationsNewsNEW YORK (Standard&Poor's) May 15, 2008--Standard&Poor's Ratings Services today lowered its ratings on 21 tranches from four U.S. cash flow and hybrid collateralized debt obligation (CDO) transactions. We removed 11 of the lowered ratings from CreditWatch with negative implications. At the same time, we affirmed one rating at 'AAA' and removed it from CreditWatch with negative implications (see list). The downgraded tranches have a total issuance amount of $2.999 billion. Two of the four affected cash flow and hybrid transactions are high-grade structured finance (SF) CDOs of asset-backed securities (ABS), which are CDOs collateralized at origination primarily by 'AAA' through 'A' rated tranches of residential mortgage-backed securities (RMBS) and other SF securities. The other two transactionsCYM11201M11201NBroderick CDO 3 Ltd413370LATAMERICANEWSCYMUSA34728882003C82002Y63910H63910J701776Nautilus RMBS CDO IV, LtdFort Duquesne CDO 2006-1 LtdPARCS-R Master TrustSharps CDO II Ltd416766420641414367406492LATAMERICAUSASTRUCCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648291?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/648291normThe latest News from S&Pstructured5/15/2008 4:31:02 AM100News648291Cayman IslandsLatin AmericaStructured FinanceCollateralized Debt ObligationsNewsHONG KONG (Standard&Poor's) May 15, 2008--Standard&Poor's Ratings Services today assigned a 'AAA' rating to the Series 2008-5 US$86,125,000 synthetic corporate investment grade CDO issued by Beryl Finance Ltd. (Beryl Finance). The notes are scheduled to mature in May 2011. The rating addresses the timely payment of interest and full payment of principal on the notes on or before the legal final maturity date in accordance with the terms and conditions of the notes. Beryl Finance is a Cayman-incorporated multi-issuance special-purpose vehicle. It complies with Standard&Poor's segregation criteria. The issuance proceeds from the Series 2008-5 notes were used to purchase shares in the Lehman Brothers Liquidity Fund (rated 'AAAm' by Standard&Poor's) as initialCYMG1199XBeryl Finance Ltd.385773LATAMERICANEWSSTRUCCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648013?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/648013normThe latest News from S&Pstructured5/13/2008 6:23:00 PM100News648013Cayman IslandsLatin AmericaStructured FinanceCommercial MBSNewsNEW YORK (Standard&Poor's) May 13, 2008--Standard&Poor's Ratings Services today assigned its preliminary ratings to MAX CMBS I Ltd.'s $5.8 billion notes series 2008-1 (see list). The preliminary ratings are based on information as of May 13, 2008. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect the credit support provided by the subordinate classes of securities and the geographic and property type diversity of the mortgaged properties securing the underlying commercial mortgage-backed security (CMBS) collateral. The collateral pool consists of 169 classes of pass-through certificates taken from 104 CMBS transactions. A copy of Standard&Poor's complete presale report for this transaction can be foundCYM577734577733MAX CMBS I Ltd.429221LATAMERICANEWSSTRUCCMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647840?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/647840normThe latest Full Report from S&Pstructured5/13/2008 10:36:26 AM400Full Report647840Cayman IslandsLatin AmericaStructured FinanceCollateralized Debt ObligationsFull ReportThe ratings assigned to Freedom CCS 2008-1 Ltd./Freedom CCS 2008-1 Corp.'s floating-rate notes reflect: The credit enhancement provided through the subordination of cash flows to the subordinated notes; The transaction's cash flow structure, which was subjected to various stresses requested by Standard&Poor's Ratings Services; The guarantee provided on the obligations of the participation counterparties; and The transaction's legal structure, including the issuer's bankruptcy remoteness. Table 1 shows the benchmark statistics generated by the application of Standard&Poor's CDO Evaluator to the proposed collateral pool. The strengths of this transaction include: The priority of payment structure, which limits the amount of interest proceeds paid to the subordinated notes until the entire principal amounts outstanding on the senior andCYM35633XFreedom CCS 2008-1 Ltd442379LATAMERICAFULLSTRUCCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647597?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/647597normThe latest News from S&Pstructured5/12/2008 4:18:53 AM100News647597Cayman IslandsLatin AmericaStructured FinanceAsset-Backed SecuritiesCollateralized Debt ObligationsNewsTOKYO (Standard&Poor's) May 12, 2008--Standard&Poor's Ratings Services today assigned its 'AA' rating to the Series 2008-01 secured fixed-rate notes issued by Pisces Finance II Ltd. (Pisces II; see list below). This is a repackaged note transaction backed by a bond rated 'AA', and a swap transaction between Pisces II and a swap counterparty with an issuer credit rating of 'AAA'. Interest on the notes will be calculated against Australian dollar-denominated notional principal, and paid in the same currency. The rating addresses the full and timely payment of interest and the ultimate full repayment of principal by the transaction's final maturity. The rating reflects the following factors: -- The legal structure of the transaction, including the bankruptcyCYMPisces Finance II Ltd.360006LATAMERICANEWSSTRUCABSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647414?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/647414normThe latest News from S&Pstructured5/9/2008 3:32:24 PM100News647414Cayman IslandsLatin AmericaStructured FinanceCollateralized Debt ObligationsNewsNEW YORK (Standard&Poor's) May 9, 2008--Standard&Poor's Ratings Services today lowered its ratings on 17 tranches from three U.S. cash flow collateralized debt obligation of asset-backed securities (CDO of ABS) transactions and removed them from CreditWatch with negative implications (see list). The three CDO transactions have significant exposure to U.S. Alternative-A residential mortgage-backed securities (RMBS) collateral that was downgraded on April 29, 2008 (see the related press release, "Ratings Lowered On 2,183 U.S. Alt-A RMBS Classes Issued In 2006; 487 Ratings On Watch Neg," published on April 29, 2008, on RatingsDirect, at www.ratingsdirect.com, and on Standard&Poor's Web site, at www.standardandpoors.com) The downgraded CDO tranches have a total issuance amount of $1.443 billion (see list). AllCYM81947582001ASharps CDO I Ltd411147LATAMERICANEWSCYM83587383587483587C83587ESorin CDO VI LtdSorin CDO V Ltd410301415338LATAMERICASTRUCCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647347?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/647347normThe latest Full Report from S&Pstructured5/9/2008 8:18:18 AM400Full Report647347Cayman IslandsLatin AmericaStructured FinanceCollateralized Debt ObligationsAsset-Backed Commercial PaperFull ReportStandard&Poor's Ratings Services has assigned ratings to the deferrable junior senior notes, and the Tier 1 (class B) income notes issued by Barion Funding Ltd. (Barion). Tier 1 (class B) income notes comprise fast-pay notes and slow-pay notes. Barion was incorporated on Dec. 7, 2007 in the Cayman Islands as an exempted company with limited liability, and complies with Standard&Poor's bankruptcy-remoteness criteria. At closing, Barion used the note proceeds and the repurchase facility agreement to fund the purchase of an asset portfolio. The amount transferred was around $7.6 billion (see "Portfolio Composition" for more details on the portfolio characteristics). Under the repurchase facility agreement, the repo counterparty (HSBC Bank PLC; AA/Stable/A-1+) agrees to transfer cash toCYMBarion Funding Ltd.435479LATAMERICAFULLSTRUCCDOABCPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647348?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/647348normThe latest News from S&Pstructured5/9/2008 8:18:18 AM100News647348Cayman IslandsLatin AmericaStructured FinanceCollateralized Debt ObligationsNewsLONDON (Standard&Poor's) March 4, 2008—Standard&Poor's Ratings Services said today that it has assigned its credit ratings to the deferrable junior senior notes, and the Tier 1 (class B) income notes issued by Barion Funding Ltd. At the same time, Barion also issued Tier 2 (class C) unrated notes (see list below). Barion was incorporated on Dec. 7, 2007 in the Cayman Islands as an exempted company with limited liability, and complies with Standard&Poor's bankruptcy-remoteness criteria. At issuance, Barion used the note proceeds and the repurchase facility agreement to fund the purchase of an asset portfolio. The amount transferred was around $7.6 billion. Under the repurchase facility agreement, the repo counterparty (HSBC Bank PLC; AA/Stable/A-1+)CYMBarion Funding Ltd.435479LATAMERICANEWSSTRUCCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647339?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/647339normThe latest News from S&Pglobalstructured5/9/2008 4:28:20 AM100News647339Cayman IslandsLatin AmericaGlobal IssuersStructured FinanceInsuranceAsset-Backed SecuritiesCollateralized Debt ObligationsNewsTOKYO (Standard&Poor's) May 9, 2008--Standard&Poor's Ratings Services said today that it had placed its ratings on 15 tranches relating to 11 Japanese synthetic CDO transactions on CreditWatch with negative implications (see list below). At the same time, Standard&Poor's affirmed its ratings on three tranches relating to three Japanese synthetic CDO transactions, and removed them from CreditWatch with negative implications (also listed below). The tranches removed from CreditWatch with negative implications had Synthetic Rated Overcollateralization (SROC) levels that recovered to 100% or above during April's month-end run. Each SROC level is listed below. The tranches that have been placed on CreditWatch with negative implications had SROC levels that fell below 100% during April's month-end run.CYMG81277Signum Vanguard Ltd.377998LATAMERICANEWSCHIIRLCYMJPNNLD03348L28257E28257FG2436RG3025GG61975G7221T28923768207TG0453SG2952VG6198AG7221UN3024NG1983AG25338G2534SG29524G2952RG67658Eirles Two Ltd.Andante Ltd.Corsair (Jersey) No. 2 Ltd.ELM B.V.Hummingbird Securitisation Ltd.Momentum CDO (Europe) Ltd.Omega Capital Investments PLCAstra Alpha Ltd.357220366464386349380612395654381950383232370459EUROMIDAFRASIALATAMERICAGLOBISSSTRUCINSABSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647326?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/647326normstructured5/9/2008 2:36:18 AM100The latest News from S&PNews647326Cayman IslandsLatin AmericaStructured FinanceAsset-Backed SecuritiesCollateralized Debt ObligationsNewsTOKYO (Standard&Poor's) May 9, 2008--Standard&Poor's Ratings Services said today that it had assigned its 'BBB-' rating to the series 2006-10 credit-linked notes (SONATA) issued by Momentum CDO (Europe) Ltd. (Momentum), due March 2011 (see list below). This is an arbitrage synthetic CDO transaction referencing a portfolio comprising 125 global corporate names. The issuer, Momentum, has entered into a credit default swap agreement, and sold protection on the reference portfolio, thereby covering losses incurred by the portfolio. Momentum transfers the credit risk of the underlying portfolio to investors through the credit-linked notes. If the cumulative losses in the reference portfolio exceed the threshold amount, investors will suffer a loss equivalent to the excess amount, and within theCYMG61975G6198AG0453SG7221TG7221UMomentum CDO (Europe) Ltd.370459LATAMERICANEWSSTRUCABSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647311?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/647311normThe latest News from S&Pglobalstructured5/8/2008 6:23:00 PM100News647311Cayman IslandsLatin AmericaGlobal IssuersStructured FinanceInsuranceAsset-Backed SecuritiesNewsLONDON (Standard&Poor's) May 8, 2008--Standard&Poor's Ratings Services said today that it took various rating actions on 11 natural catastrophe bonds and six mortality catastrophe bonds (see list). "These actions reflect the revision of the default table we use to rate insurance-linked securitizations," said Standard&Poor's credit analyst Cameron Heath. "We revise the default table periodically to better reflect observed historical corporate defaults." We raised the ratings on eight natural peril catastrophe bonds and one mortality catastrophe bond by one notch. We also lowered the ratings on three natural peril catastrophe bonds and four mortality catastrophe bonds by one notch as well as one mortality catastrophe bond by two notches. Standard&Poor's is not takingCYM36115QFusion 2007 Ltd.420124LATAMERICANEWSCYMGBRIRL12804514214558504562864W68827P76112D76112G86459T92845792845GVita Capital II Ltd.Residential Reinsurance 2006 LimitedSuccessor Hurricane Industry Ltd.Carillon Ltd.OSIRIS Capital PLCVita Capital III Ltd.Calabash Re II Ltd.MedQuake Ltd.Residential Reinsurance 2007 LimitedMystic Re II Ltd.Atlas Reinsurance IV Ltd.Nathan Ltd.Queen Street Ltd.387041401404401530401885407250410137411941418775418788418821430272438939440581EMERGINGEUROMIDAFRLATAMERICAUSAGLOBISSSTRUCINSABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647312?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/647312normThe latest Research Update from S&Pglobalstructured5/8/2008 6:23:00 PM175Research Update647312Cayman IslandsLatin AmericaGlobal IssuersStructured FinanceInsuranceAsset-Backed SecuritiesResearch UpdateOn May 8, 2008, Standard&Poor's Ratings Services took various rating actions on 11 natural catastrophe bonds and six mortality catastrophe bonds (see list). These actions reflect the revision of the default table we use to rate insurance-linked securitizations. We revise the default table periodically to better reflect observed historical corporate defaults and adjust the ratings accordingly. We raised the ratings on eight natural peril catastrophe bonds and one mortality catastrophe bond by one notch. We also lowered the ratings on three natural peril catastrophe bonds and four mortality catastrophe bonds by one notch as well as one mortality catastrophe bond by two notches. Standard&Poor's is not taking any rating action on notes with less than 12CYM36115QFusion 2007 Ltd.420124LATAMERICARESUPDCYMGBRIRL12804514214558504562864W68827P76112D76112G86459T92845792845GVita Capital II Ltd.Residential Reinsurance 2006 LimitedSuccessor Hurricane Industry Ltd.Carillon Ltd.OSIRIS Capital PLCVita Capital III Ltd.Calabash Re II Ltd.MedQuake Ltd.Residential Reinsurance 2007 LimitedMystic Re II Ltd.Atlas Reinsurance IV Ltd.Nathan Ltd.Queen Street Ltd.387041401404401530401885407250410137411941418775418788418821430272438939440581EMERGINGEUROMIDAFRLATAMERICAUSAGLOBISSSTRUCINSABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647216?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/647216normThe latest Full Report from S&Pstructured5/8/2008 3:25:51 PM400Full Report647216Cayman IslandsLatin AmericaStructured FinanceCollateralized Debt ObligationsFull ReportThe ratings assigned to Spruce CCS Ltd./ Spruce CCS Corp.'s floating-rate notes reflect: The credit enhancement provided by the subordination of cash flows to the mezzanine and subordinated notes; The transaction's cash flow structure, which was subjected to various stresses requested by Standard&Poor's Ratings Services; The guarantee provided on the obligations of the participation counterparties; and The transaction's legal structure, including the issuer's bankruptcy remoteness. Table 1 shows the benchmark statistics generated by the application of Standard&Poor's CDO Evaluator to the proposed collateral pool. The strengths of this transaction include: The priority of the payment structure, which limits the amount of interest proceeds paid to the subordinated notes until the entire principal amount outstanding on theCYM852079Spruce CCS Ltd445640LATAMERICAFULLSTRUCCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647136?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/647136normThe latest News from S&Pstructured5/8/2008 10:27:50 AM100News647136Cayman IslandsLatin AmericaStructured FinanceAsset-Backed SecuritiesCollateralized Debt ObligationsNewsNEW YORK (Standard&Poor's) May 8, 2008--Standard&Poor's Ratings Services today raised its ratings on the A-2, B-1, B-2, C, D-1, D-2, D-3 notes and affirmed its rating on the A-1 notes issued by Race Point CLO Ltd., a high-yield arbitrage collateralized loan obligation (CLO) managed by Sankaty Advisors LLC (see rating list). The raised ratings reflect factors that have positively affected the credit enhancement available to support the notes, including paydowns of $148.296 million (45.4%) to the class A-1 notes since the end of the reinvestment period in May 2007. According to the latest available trustee report, dated March 31, 2008, the class A overcollateralization ratio was 141.19%, compared with a trigger of 115.6% and a reportedCYM74981R749818Race Point CLO Ltd.357755LATAMERICANEWSSTRUCABSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647096?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/647096normThe latest News from S&Pstructured5/7/2008 11:22:26 PM100News647096Cayman IslandsLatin AmericaStructured FinanceCollateralized Debt ObligationsNewsTOKYO (Standard&Poor's) May 8, 2008--Standard&Poor's Ratings Services said today that it had assigned its 'BBB+' rating to the series 2005-8 synthetic portfolio notes issued by Beryl Finance Ltd. (Beryl Finance), due Dec. 20, 2010 (see list below). The rating has been placed on CreditWatch with negative implications. This is an arbitrage synthetic CDO transaction referencing a portfolio comprising 101 global corporate names. The issuer, Beryl Finance, has entered into a credit default swap agreement, and sold protection on the reference portfolio, thereby covering losses incurred by the portfolio. Beryl Finance transfers the credit risk of the underlying portfolio to investors through the credit-linked notes. If the cumulative losses in the reference portfolio exceed the threshold amount,CYMG1199XBeryl Finance Ltd.385773LATAMERICANEWSSTRUCCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/646977?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/646977normThe latest News from S&Pstructured5/7/2008 3:30:22 PM100News646977Cayman IslandsLatin AmericaStructured FinanceAsset-Backed SecuritiesCollateralized Debt ObligationsNewsLONDON (Standard&Poor's) May 7, 2008—Standard&Poor's Ratings Services said today that it has placed on CreditWatch with negative implications its ratings on 24 classes in nine cash flow collateralized debt obligations (CDOs) of asset-backed securities (ABS) transactions. At the same time, 36 tranches in seven transactions remain on CreditWatch negative (see list below). Ratings on all other classes are unaffected. Today's CreditWatch placements reflect deterioration in the credit quality of the underlying portfolios and the expected increase in scenario default rates (SDRs). The deterioration in credit quality and SDR increase is due to their exposure to U.S. CDOs of ABS and residential mortgage-backed securities (RMBS) that have recently been downgraded or placed on CreditWatch. In addition toCYM36293S36297MG Square Finance 2006-1 Ltd.399180LATAMERICANEWSCYMIRLCHI12776313189M16705736243G82116405354T31809V36259569688P69688RFiorente Funding Ltd.New Bond Street CDO 1 PLCCAMBER 4 PLCSheffield CDO Ltd.G Square Finance 2007-1 Ltd.Faxtor HG 2007-1Cheyne ABS Investments I PLCPalmer Square PLCG Square Finance Ltd.Palmer Square 2 PLCBantry Bay CDO I PLCNew Bond Street CDO 2 PLCG Square Finance 2006-2 Ltd.Cairn High Grade ABS CDO I PLCAvebury Finance CDO PLC392987417478418482391146402561410563382711386270393525406964383904401983428481399915417054EUROMIDAFRLATAMERICASTRUCABSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/646868?CMP=OTC-RSSPUB&HQS=Cayman Islandsspcred/646868normThe latest News from S&Pglobalstructured5/7/2008 8:20:31 AM100News646868Cayman IslandsEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceInternational Public FinanceAsset-Backed SecuritiesNewsFRANKFURT (Standard&Poor's) May 7, 2008--Standard&Poor's Ratings Services said today it assigned its 'A+' senior secured debt rating to the second drawdown under the U.S. dollar-denominated callable floating rate note program issued by Cayman Islands-registered special-purpose vehicle Thor Asset Purchase (Cayman) Ltd., due 2036. The notes under the program are repaid through a securitization of Dubai Electricity and Water Authority (DEWA) utility receivables. For the second drawdown, new receivable accounts will be added to the portfolio. The increased portfolio will represent aggre