(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

'CC'.

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

'http://standardandpoorsdisclosure-17g7.com'

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)

(e-mail: pam.niimi@thomsonreuters.com; Reuters Messaging: pam.niimi.reuters.com@reuters.net; Tel:1-646-223-6330;)

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