(The following statement was released by the rating agency)
Sept 19 -
-- On March 19, 2012, we placed our ratings on Rhodium 1's class A, B, C,
and D notes on CreditWatch negative following our update to the criteria and
assumptions we use to rate CDOs of structured finance assets.
-- Following the application of our criteria for CDOs of structured
finance assets and our review of the transaction's performance, we have
lowered our ratings Rhodium 1's class A, B, C, and D notes.
-- Rhodium 1 is a cash flow CDO of European mezzanine ABS that closed in
May 2004. Cairn Capital's management of the portfolio is limited to the sale
of defaulted or credit impaired assets.
Standard & Poor's Ratings Services today lowered and removed from CreditWatch negative its
credit ratings on all of Rhodium 1 B.V.'s rated classes of notes (see list below).
On March 19, 2012, we placed our ratings on the Rhodium 1's class A, B, C, and
D notes on CreditWatch negative following our update to the criteria and
assumptions we use to rate collateralized debt obligations (CDOs) of
structured finance (structured finance) assets, which became effective on
March 19, 2012 (see "Global CDOs Of Pooled Structured Finance Assets:
Methodology And Assumptions," published on Feb. 21, 2012, and "Ratings On 238
EMEA CDO Tranches Placed On CreditWatch Negative After Criteria Update,"
published on March 19, 2012).