(The following was released by the rating agency)
MELBOURNE (Standard & Poor's) Oct. 29, 2012--Standard &
Poor's Ratings Services today lowered its rating on the Series
P1-AAA-002 notes issued by Emerald Assets Ltd. - Portfolio 1 to
'AA- (sf)' from 'AA (sf)'. The rating action follows the
lowering of our long- and short-term counterparty credit ratings
on BNP Paribas to 'A+/A-1' from 'AA-/A-1+' (see research update
titled "Various Rating Actions Taken On French Banks Due To
Rising Economic Risks," Oct. 25, 2012).
The Emerald Assets Ltd. - Portfolio 1 notes are commercial
mortgage-backed securities (CMBS) supported by a portfolio of
industrial and business park properties in Singapore. The rating
on the notes is dependent on the credit rating on BNP Paribas,
which acts as the currency-swap provider to the transaction. The
rating on the notes is limited to one notch higher than that of
the currency-swap provider under Standard & Poor's Counterparty
Risk Framework Methodology And Assumptions.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report
accompanying a credit rating relating to an asset-backed
security as defined in the Rule, to include a description of the
representations, warranties and enforcement mechanisms available
to investors and a description of how they differ from the
representations, warranties and enforcement mechanisms in
issuances of similar securities. The Rule applies to in-scope
securities initially rated (including preliminary ratings) on or
after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at "http://standardandpoorsdisclosure-17g7.com
".
REGULATORY DISCLOSURES
Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction. RATING
LOWERED Class Rating to Rating from P1-AAA-002 AA- (sf) AA (sf)
RELATED CRITERIA AND RESEARCH
-- Asia Pacific Feels The Pressure Of Ongoing Global
Economic Uncertainty, Sept. 23, 2012
-- CMBS Global Property Evaluation Methodology, Sept. 5,
2012
-- Counterparty Risk Framework Methodology And Assumptions,
May 31, 2012
-- Assessing Credit Quality By the Weakest Link, Feb. 13,
2012
-- Global Structured Finance Scenario And Sensitivity
Analysis: The Effects Of The Top Five Macroeconomic Factors,
Nov. 4, 2011
-- Principles of Credit Ratings, Feb. 16, 2011
Source: http://news.yahoo.com/text-p-lowers-rtg-emerald-assets-ltd-portfolio-062612727--sector.html
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