TEXT-S&P: SF Ratings Remain On CreditWatch Neg After U.S. Downgrade

(The following was released by the rating agency)

OVERVIEW

-- Since July 15, 2011, we have placed our ratings on 744 structured finance transactions on CreditWatch negative due to exposure to the sovereign credit risk of the U.S.

-- We lowered our long-term credit rating on the U.S. to AA+/negative outlook and removed it from CreditWatch negative on Aug. 5. We affirmed the short-term rating on the U.S. at 'A-1+' and removed it from CreditWatch negative. The transfer and convertibility assessment of the U.S. remains at 'AAA'.

-- We will review each structured finance transaction with ratings placed on CreditWatch negative, as well as any additional transactions we expect may be affected, and take rating actions as we deem appropriate. Pending completion of our review, we expect that our ratings on some of these transactions will remain on CreditWatch negative.

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