...(Previously,Negative) US housing market has not bottomed. Neg- ative movement in housing prices expected to continue into ####. Subprime, Alt-A, and Prime RMBS assets are expected to experience more negative rating actions. Market valuation of structured finance assets remain depressed, resulting in low liquidation values. Conditions in some European housing mar- kets are worsening, including in the UK, Spain, and Ireland. Negative rating impli- cations apply to all tranche levels. For mezzanine SF CDOs, most tranche ratings are already at low lev- els and further rating actions will be limited. For high-grade SF CDOs, significant rating activity is expected with negative rating actions concentrated in deals with material exposures to RMBS assets issued since ####, including those issued in some Euro- pean countries. #,### tranches from ### global SF CDO transac- tions were downgraded. The number of down- graded tranches com- prised roughly ##% of all such tranches...

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