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