TEXT-S&P puts 7 ratings on 7 structured settlement bonds on watch positive

Fri Jan 11, 2013 5:52pm EST

OVERVIEW
     -- We placed our ratings on seven tranches from seven securitizations 
backed by structured settlement payments on CreditWatch with positive 
implications.
     -- Securitizations backed by structured settlement payments are typically 
payments resulting from an arrangement between a claimant and defendant 
structured as installment payments that satisfy the settlement.
     -- The CreditWatch placements reflect the increased overcollateralization 
and principal payments to the notes.
 
NEW YORK (Standard & Poor's) Jan. 11, 2013--Standard & Poor's Ratings Services 
today placed its ratings on seven tranches from seven securitizations backed 
by structured settlement payments on CreditWatch with positive implications 
(see list).

The securitizations are backed by structured settlement payments, which are 
payments resulting from an arrangement between a claimant (for example, a 
plaintiff that has settled a personal injury lawsuit) and a defendant and/or 
the defendant's liability insurer, typically structured as installment 
payments that satisfy the settlement. The defendant generally arranges to 
discharge its payment obligation to the claimant by assigning this obligation 
to a settlement counterparty. The settlement counterparty then typically funds 
the obligation to make the agreed-upon payments by purchasing an annuity 
contract from an annuity provider.

Today's CreditWatch placements reflect the principal payments to the notes and 
the resulting increased overcollateralization the principal payments help to 
provide.

We will resolve today's CreditWatch placement after we complete a 
comprehensive analysis and committee review of the transaction.  We expect to 
resolve the CreditWatch placement within 90 days.  We will continue to monitor 
the transaction and take rating actions, including CreditWatch placements, as 
we deem appropriate.



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
     -- Global Structured Finance Scenario And Sensitivity Analysis: The 
Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011
     -- Update To Methodology And Assumptions And New Supplemental Tests For 
U.S. Structured Settlement Payment Securitizations, Dec. 2, 2009
     -- Methodology And Assumptions For U.S. Structured Settlement Payment 
Securitizations, Dec. 11, 2008
 
RATINGS PLACED ON CREDITWATCH POSITIVE
 
Peachtree Finance Company #2, LLC
                       Rating
Class               To                     From  
B                   A (sf)/Watch Pos       A (sf) 

321 Henderson Receivables I LLC, Series 2005-1
                       Rating
Class               To                     From  
A-1                 BBB+ (sf)/Watch Pos    BBB+ (sf) 

321 Henderson Receivables II LLC, Series 2006-1
                       Rating
Class               To                     From  
A-1                 BBB+ (sf)/Watch Pos    BBB+ (sf) 

321 Henderson Receivables II LLC, Series 2006-2
                       Rating
Class               To                     From  
A-1                 BBB+ (sf)/Watch Pos    BBB+ (sf) 

321 Henderson Receivables II LLC, Series 2006-3
                       Rating
Class               To                     From  
A-1                 BBB+ (sf)/Watch Pos    BBB+ (sf) 

321 Henderson Receivables II LLC, Series 2006-4
                       Rating
Class               To                     From  
A-1                 BBB+ (sf)/Watch Pos    BBB+ (sf) 

321 Henderson Receivables II LLC, Series 2007-1
                       Rating
Class               To                     From  
A-1                 BBB+ (sf)/Watch Pos    BBB+ (sf)
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