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

Wed Jan 9, 2013 10:22am EST

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
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