(The following statement was released by the rating agency)
May 29 - Standard & Poor's Ratings Services today said that its rated U.S. collateralized debt obligation (CDO) transactions have limited exposure toCorp. ('CC'), GMAC LLC ('CCC'), Corp. ('D'), and Corp. ('D'). We expect only a modest direct impact on our rated cash flow, hybrid, and synthetic U.S. CDO transactions due to the defaults of Visteon and Metaldyne.
Table 1 outlines, by transaction type (cash/hybrid CDOs or synthetic CDOs), the number of transactions with exposure to GM only, GMAC LLC only, and exposure to both. Table 2 outlines, by deal type, the number of transactions with exposure toonly, only, and exposure to both. Table 1
GM Corp. GMAC LLC GM Corp. &
Exposure Exposure GMAC LLC
Only Only Exposure
No. of deals No. of deals No. of deals Total Deal type US CF 75 56 19 150 US Syn 137 251 35 423 Total 212 307 54 573 Table 2
Visteon Metaldyne Visteon &
Exposure Exposure Metaldyne
Only Only Exposure
No. of deals No. of deals No. of deals Total Deal type US CF 125 46 11 182 US Syn 117 1 0 118 Total 242 47 11 300
Standard & Poor's will continue to monitor the CDO transactions it rates and take rating actions, including CreditWatch placements, when appropriate. RELATED RESEARCH
-- "Visteon Corp. Rating Lowered To 'D' On Filing For Chapter 11 Bankruptcy Protection," published May 28, 2009.
-- "Metaldyne Corp. Downgraded to 'D' On Filing For Chapter 11 Bankruptcy Protection," published May 28, 2009.
-- "Corp., LLC Take Steps To Avert Bankruptcy; Ratings Unaffected," published April 27, 2009.
-- "GMAC LLC And Residential Capital LLC Outlooks Revised To Developing; 'CCC/C' Ratings Affirmed," published May 26, 2009. Primary Credit Analysts: Jimmy Kobylinski, New York (1) 212-438-6314;
Kate Scanlin, New York (1) 212-438-2002;
email@example.com Secondary Credit Analyst: Ramki Muthukrishnan, New York (1) 212-438-1384;
firstname.lastname@example.org (New York Ratings Team)