(The following statement was released by the rating agency)
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.
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
-- 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
(New York Ratings Team)
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