Following Moody's Investors Service (ASR, 08/21/06) decision to place most of the junior classes issued by Egg Banking's Pillar Master Trust on review for downgrade, Fitch Ratings and Standard & Poor's have been slower to react. The rating agencies announced in the last week of August that they did not intend to take any immediate ratings action.

S&P put out a press release recently stating that no rating action is currently required on the class A, B, and C notes in five U.K. credit card-backed Pillar Funding Series transactions. The agency has conducted a full cash flow analysis of the deals to assess the impact of Egg's reduced minimum payment plan and has found the ratings of all classes to be consistent with the current levels.

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