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I overheard two portfolio managers discussing an asset

they owned. No news is good news, one said. I couldnt relate.

Im used to having Standard & Poors

STRUCTURED FINANCESURVEILLANCE provide current

information about my holdings. Standard & Poors

analysts monitor ratings on an on-going basis.

In fact, National Economic Research Associates (NERA)

found Standard & Poors more likely to recognize and

act on changes in the credit quality of structured securities.

To me, no news is never good news.

Except when Im waiting for my dentist to

tell me if Im going to need a root canal.

Analytic services provided by Standard & Poors Ratings Services are the result of separate activities designed to preserve the independence and objectivityof ratings opinions. Ratings are statements of opinion, not statements of fact or recommendations to buy, hold, or sell any securities. Standard & Poors hasestablished policies and procedures to maintain the confidentiality of non-public information received during the ratings process.

Covering ABS, CMBS, RMBS and CDOs, Standard & Poors Structured Finance Surveillanceprovides ongoing perspective on global structured transactions. Standard & Poors analystsregularly review outstanding credit ratings and monitor developments that have the potentialto affect credit quality. They also publish rating reviews, commentaries, indices and articles onkey market events.

STo access this research, visit www.standardandpoors.com. For more information, contact Peter DErchia at 1.212.438.2438

YOUVE GOT STANDARD & POORS.Y O U R C O N F I D E N C E I S S H O W I N G .

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RATINGS

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