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.

The downgrades of corporate-backed trust deals reflect recent credit events and negative rating migration in the underlying reference portfolios.  including Donnelley (R.H.) Corp. and
downgrades to widely referenced names including, but not limited to, Norske
Skogindustrier ASA.

The downgrades of the CMBS-backed deals reflect the rating agency's revised criteria, along with continuing stress in the commercial real estate market.

The complete rating list is available in "U.S. Synthetic CDO Classes Affected By June 1, 2009, Rating Actions," which was published  RatingsDirect. The list is also available on
the rating agency's Web site at

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