Standard & Poor's  lowered its ratings on 247 classes from 195 corporate-backed synthetic CDOs and 185 ratings from 44 CMBS-backed synthetic CDOs. Additionally,  238 ratings remain on CreditWatch negative.

According to S&P, the downgrades reflect negative rating migration in the respective portfolios and synthetic rated overcollateralization (SROC) ratios that had fallen below 100% as of the monthly review and at a 90-day forward run.

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