...OVERVIEW We have lowered to 'A+ (sf)' from '##- (sf)' our ratings on E-MAC Program II B.V. + Compartment NL 2007-IV's class A and B notes, following the application of our current counterparty criteria. The transaction is backed by Dutch residential mortgages originated by GMAC RFC + Nederland and serviced by CMIS Nederland. LONDON (Standard & Poor's) June 22, 2015--Standard & Poor's Ratings Services today lowered to 'A+ (sf)' from '##- (sf)' its credit ratings on E-MAC Program II B.V. Compartment NL 2007-IV's (E-MAC NL 2007-IV) class A and B notes (see list below). Under the transaction documentation, and in accordance with our current counterparty criteria, the maximum potential rating that the swap provider, The Royal Bank of Scotland PLC (###+/Stable/A-2), can support is 'A+ (sf)' (see "Counterparty Risk Framework Methodology And Assumptions," published on June 25, 2013). This is due to the documented collateral posting requirements being commensurate with a maximum rating of 'A+ (sf)'....
