LONDON (Standard&Poor's) June 29, 2007--Standard&Poor's Ratings Services said today that the Eurostat decision taken on June 25, 2007, to classify EU member state receipts from securitization operations as having the characteristics of borrowing will have no ratings impact for affected sovereigns. Standard&Poor's has recorded such one-off receipts below the line as financing items since 2002 (see "Accounting for Innovation: Treatment of Off-Balance-Sheet Public Sector Financing Operations," published by Standard&Poor's on Sept, 23, 2002, on RatingsDirect, the real-time Web-based source for Standard&Poor's credit ratings, research, and risk analysis at wwww.ratingsdirect.com). Eurostat is to apply this practice to all operations concluded after Jan. 1, 2007. It will not be revising the historical
