TEXT-S&P raises rtgs in SIV Harrier Finance Funding (U.S.) LLC

Oct 22 -

OVERVIEW

-- Portigon has transferred its financial obligations to Erste Abwicklungsanstalt.

-- We have therefore raised our ratings in Harrier Finance Funding (U.S.) LLC to levels that are in line with our ratings on Erste Abwicklungsanstalt.

Standard & Poor's Ratings Services today raised its credit ratings in Harrier Finance Funding (U.S.) LLC, a structured investment vehicle (SIV) (see list below).

Today's rating actions follow the recent transfer of Portigon AG's financial obligations to Erste Abwicklungsanstalt (EAA; AA-/Stable/A-1+). More specifically, the liquidity line for Harrier Finance Funding (U.S.) LLC was assigned to EAA.

Portigon has been the provider of 100% liquidity support to Harrier Finance Funding (U.S.) LLC's senior notes. Therefore, the ratings on the notes have not been higher than the rating level on Portigon. Following the irrevocable transfer of this obligation to EAA, we have raised our ratings to levels that are in line with our ratings on EAA as the liquidity support provider.

RELATED CRITERIA AND RESEARCH

-- Ratings Affirmed In Three European Synthetic CDO Transactions And Raised In One SIV, Oct. 18, 2012

-- Germany-Based Erste Abwicklungsanstalt 'AA-/A-1+' Ratings Affirmed On Asset Transfer; Outlook Stable, July 10, 2012

-- German Landesbank WestLB Unsolicited 'BBB/A-2' Ratings Withdrawn On Planned Transfer Of Remaining Assets, July 10, 2012

-- Ratings Unchanged On Merger Of WestLB And Helaba German Public-Sector Covered Bond Programs, July 4, 2012

-- Counterparty Risk Framework Methodology And Assumptions, May 31, 2012

-- European Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, March 14, 2012

-- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011

-- Revised Methodologies And Assumptions For Global Synthetic CDO Surveillance, Sept. 30, 2010

-- CDO Spotlight: What Is A Synthetic CDO?, April 30, 2010

-- Update To Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs, Sept. 17, 2009

-- CDO Spotlight: Counterparty Risk In Structured Finance Transactions, March 7, 2005

-- Global Methodology For Rating Capital Notes In SIV Structures, Feb. 11, 2005

RATINGS LIST

Class Rating

To From

Ratings Raised

Harrier Finance Funding (U.S.) LLC

CP A-1+ A-2

MTN AA- BBB+