By Erkan Erturk, Phd, director and Tom Gillis managing director in the S&P structured finance group

Standard & Poor's rated global structured securities continued to perform well during the first quarter of 2005. The upgrade rate for structured finance securities was more than three times the downgrade rate in the first quarter. This positive performance was pronounced across many sectors but was most noticeable among U.S. RMBS, U.S. CMBS and European CDOs. Globally, student loan ABS, synthetic investment-grade CDOs and prime RMBS segments exhibited significant upgrades. However, a few ABS asset types such as aircraft and manufactured housing as well as the CDO of ABS sector continued to show weak rating performance during the first quarter.

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