TEXT-S&P various actions on 182 U.S. rtgs after Ambac downgrade

(The following statement was released by the rating agency)

OVERVIEW

-- We reviewed 181 Ambac-insured U.S. ABS classes following the recent
downgrade of the monoline insurer.

-- We lowered 63 ratings and placed 39 of the lowered ratings on
CreditWatch negative.

-- We placed 12 other ratings on CreditWatch negative.

-- We affirmed our ratings on 106 classes.

July 8 - Standard & Poor's Ratings Services today took various actions on
181 U.S. asset-backed securities (ABS) classes following the June 24, 2009,
lowering and CreditWatch placement of the financial strength rating on Ambac
Assurance Corp. (Ambac; BBB/Watch Neg/--) (for more information, see
"S&PCORRECT: Ambac Assurance Corp. Ratings Lowered To 'BBB' And Placed On
CreditWatch Negative").

We lowered our ratings on 63 U.S. ABS classes and placed 39 of these 63
ratings on CreditWatch with negative implications. In addition, we placed an
additional 12 ratings on CreditWatch with negative implications without
changing the current rating.

Furthermore, we affirmed our ratings on 106 other U.S. ABS classes (see
list). Overall, the actions affect 145 student loan ratings, 13 auto loan
ratings, 12 rental car ratings, and 11 manufactured housing ratings. Standard &
Poor's is currently analyzing its outstanding ratings on approximately 200
other U.S. ABS classes that benefit from full financial guarantees from Ambac.
Most of these classes are backed by student loan collateral, and any rating
actions related to these classes will be discussed in a separate press
release.

For each affected class, Ambac provides a full financial guarantee
insurance policy guaranteeing full payments of principal and interest to the
noteholders.

Under our criteria, the issue credit rating on a fully credit-enhanced bond
issue is the higher of the two ratings: the rating on the credit enhancer or
the Standard & Poor's underlying rating (SPUR) on the class. A SPUR is our
opinion of the stand-alone creditworthiness of an obligation--that is, the
capacity to pay debt service on a debt issue in accordance with its
terms--without considering an otherwise applicable bond insurance policy.

We placed 39 of the 63 ratings being lowered on CreditWatch with negative
implications.

These 39 ratings affect 26 student loan classes, 12 rental car classes, and
one auto loan class. The additional 24 lowered ratings affect 11 manufactured
housing classes, nine auto loan classes, and four student loan classes. We also
placed our ratings on 12 classes related to one student loan issuer on
CreditWatch with negative implications

Lastly, we affirmed 106 ratings on 103 student loan classes and three auto
loan classes.
RATINGS LOWERED
Capital One Auto Finance Trust 2006-A

Rating
Collateral Series Class To From
Auto Loan 2006-A A-4 BBB A
Capital One Auto Finance Trust 2007-A
Auto Loan 2007-A A-3-A BBB A
Auto Loan 2007-A A-3-B BBB A
Auto Loan 2007-A A-4 BBB A
Triad Automobile Receivables Trust 2006-C

Rating
Collateral Class To From
Auto Loan A-3 BBB A
Auto Loan A-4 BBB A
UPFC Auto Receivables Trust

Rating
Collateral Series Class To From
Auto Loan 2006-B A-3 BBB A
Auto Loan 2007-B A-2 BBB A
Auto Loan 2007-B A-3 BBB A
CountryPlace Manufactured Housing Contract Trust

Rating
Collateral Series Class To From
Manufactured Housing 2005-1 A-2 BBB A
Manufactured Housing 2005-1 A-3 BBB A
Manufactured Housing 2005-1 A-4 BBB A
Manufactured Housing 2007-1 A-2 BBB+ A
Manufactured Housing 2007-1 A-3 BBB+ A
Manufactured Housing 2007-1 A-4 BBB+ A
Origen Manufactured Housing Contract Trust 2006-A

Rating
Collateral Series Class To From
Manufactured Housing 2006-A A-1 BBB A
Manufactured Housing 2006-A A-2 BBB A
Origen Manufactured Housing Contract Trust Collateralized Notes 2007-A

Rating
Collateral Series Class To From
Manufactured Housing 2007-A A-1 BBB A
Manufactured Housing 2007-A A-2 BBB A
Origen Manufactured Housing Contract Trust Collateralized Notes 2007-B

Rating
Collateral Series Class To From
Manufactured Housing 2007-B A BBB A
National Collegiate Student Loan Trust 2007-3 (The)

Rating
Collateral Series Class To From
Student Loan 2007-3 A-IO BBB+ A
National Collegiate Student Loan Trust 2007-4 (The)

Rating
Collateral Series Class To From
Student Loan 2007-4 A-IO BBB+ A
California Education Facilities Authority 1998

Rating
Collateral Class To From
Student Loan Sr BBB A
Missouri Hgr Ed Ln Auth 1988A

Rating
Collateral Class To From
Student Loan 1988A BBB A