TEXT-S&P affirms Channel Link Enterprises receipts at 'AA- (sf)'

Jan 9 - Standard & Poor's Ratings Services today affirmed its 'AA- (sf)'
rating on the GBP170 million 6.341% custody receipts related to Channel Link
Enterprises Finance PLC.

Our rating on the custody receipts is the higher of our ratings on (i) the
underlying security, Channel Link Enterprises Finance PLC's 6.341% class A1
secured fixed-rate notes due June 30, 2046 ('BBB'), and (ii) the guarantor,
Assured Guaranty (Europe) Ltd. ('AA-').

Today's rating action follows the Dec. 17, 2012, placement of our 'BBB' rating
on the underlying security on CreditWatch with negative implications and the
subsequent Dec. 21, 2012, affirmation and removal of that rating from
CreditWatch negative. The CreditWatch placement does not affect the rating on
the custody receipts because of the credit support provided by Assured
Guaranty (Europe) Ltd. We may take subsequent rating actions on this
transaction due to changes in our rating on the underlying security or the
guarantor.

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

Related Criteria
-- Legal Criteria for U.S. Structured Finance Transactions: Overview of
Legal Criteria for U.S. Structured Finance Transactions, Oct. 1, 2006
-- Legal Criteria for U.S. Structured Finance Transactions: Criteria
Related to Global Synthetic Securities, Oct. 1, 2006

Related Research
-- Ratings In Channel Link Enterprises Finance Placed On CreditWatch
Negative Following Criteria Publication, Dec. 17, 2012