TEXT-S&P cuts Credit Suisse International 2004-MCW1 to 'D'
Dec 11 - Standard & Poor's Ratings Services today lowered its rating on Credit Suisse International's US$5 million Park Place Securities Inc.'s asset-backed pass through certificates series 2004-MCW1 class M9 to 'D' from 'CC'. Our rating on the transaction is based on the lower of (i) the rating on the underlying security; Park Place Securities, Inc. series 2004-MCW1's class M-9 certificates due Oct.25, 2034 ('D (sf)') and (ii) the rating on the issuer, Credit Suisse International ('A+/Negative/A-1') Today's rating action reflects the Nov. 16, 2012, lowering of our rating on the underlying security to 'D (sf)' from 'CC (sf)'. We may take subsequent rating actions on these transactions due to changes in our rating assigned to the underlying security. 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 "RELATED CRITERIA AND RESEARCH -- 1,036 Ratings Lowered, 47 Raised, 1,518 Affirmed On 395 U.S. RMBS Transactions, Nov. 16, 2012 -- Global Methodology For Rating Repackaged Securities, Oct. 16, 2012 -- Legal Criteria For U.S. Structured Finance Transactions: Overview of Legal Criteria for U.S. Structured Finance Transactions, Oct. 1, 2006