In its fifth annual European structured finance rating transition study, Moody's Investor's Service found that the average credit quality of European structured finance securities continued to improve in 2006 compared to 2005.

The number of upgrades, 163, exceeded the number of downgrades, 68, and the frequencies of both upgrades and downgrades declined across all structured finance sectors. More specifically, the CDO sector in Europe continued to perform very well as it did in 2005.

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