For the first time Standard and Poor's has upgraded securitizations because of the performance of the underlying collateral.

The paper concerned was the subordinated tranches of two U.K. MBS deals: Sun Banking Corp.'s Maple Mortgage Securities (No.1) issue, which totaled GBP175 million ($275.4 million), and Barclays Bank's Gracechurch Mortgage Finance (No.2), which was worth GBP282 million in total.

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