Feb 20 (The following statement was released by the rating agency)
Fitch Ratings says there is no rating impact on E-MAC DE 2006-II B.V. following the
execution of the updated credit support annex (CSA) and ISDA schedule.
Royal Bank of Scotland plc (A/Stable/F1), acting as lead manager and swap
counterparty for E-MAC DE 2006-II B.V., notified Fitch that the CSA and ISDA
schedule have been updated - predominantly to reflect the agency's latest
The updates to the CSA and ISDA schedule for the transaction reflect the latest
collateral posting requirements outlined in Fitch's counterparty criteria for
structured finance transactions. Therefore, in Fitch's view, should the Royal
Bank of Scotland's Long Term Issuer Default Rating (IDR) and Short-Term IDR fall
below 'A' and 'F1', respectively, the collateral amount posted will be
sufficient to mitigate against the increased counterparty risk.