Standard & Poor's cut the ratings of 50 tranches from 11 US cash flow and hybrid CDO transactions. The downgraded tranches have a total issuance amount of $5.502 billion.

"We removed 23 of the lowered ratings from CreditWatch with negative implications. The ratings on 27 of the downgraded tranches remain on CreditWatch with negative implications, indicating a significant likelihood of further downgrades," said S&P.

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