December 11, 2012 / 9:21 PM / in 5 years

TEXT-S&P cuts Credit Suisse International 2004-MCW1 to 'D'

Dec 11 - Standard & Poor's Ratings Services today lowered its rating on
Credit Suisse International's US$5 million Park Place Securities Inc.'s
asset-backed pass through certificates series 2004-MCW1 class M9 to 'D' from

Our rating on the transaction is based on the lower of (i) the rating on the 
underlying security; Park Place Securities, Inc. series 2004-MCW1's class M-9 
certificates due Oct.25, 2034 ('D (sf)') and (ii) the rating on the issuer, 
Credit Suisse International ('A+/Negative/A-1') 

Today's rating action reflects the Nov. 16, 2012, lowering of our rating on 
the underlying security to 'D (sf)' from 'CC (sf)'. We may take subsequent 
rating actions on these transactions due to changes in our rating assigned to 
the underlying security.
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 

     -- 1,036 Ratings Lowered, 47 Raised, 1,518 Affirmed On 395 U.S. RMBS 
Transactions, Nov. 16, 2012
     -- Global Methodology For Rating Repackaged Securities, Oct. 16, 2012
     -- Legal Criteria For U.S. Structured Finance Transactions: Overview of 
Legal Criteria for U.S. Structured Finance Transactions, Oct. 1, 2006
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