Call it the Domino Effect, but when a bank's rating is threatened there is inevitably a securitization that's being threatened as well.

Such is the case with Standard & Poor's announcement at November's debut that it would place Commerzbank AG's A+' long-term counterparty credit ratings on CreditWatch with negative implications; and a week later come the trailing effects to its credit-linked notes, Residence 2000-1.

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