Last week continued the plethora of rating movements - both positive and negative - for the RMBS and CDO sectors. The different rating agencies not only made several rating changes but altered their rating methodologies as well.

For its part, Standard & Poor's announced changes to its surveillance of U.S. RMBS transactions backed by closed-end second-lien collateral. The revised surveillance assumptions focus on three areas, including current losses to date, losses assumed on currently delinquent loans, and future losses for borrowers who are current with their loan payments.

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