Standard & Poor's lowered its ratings on 29 tranches from nine U.S. CDO of ABS deals as well as removed 12 of these ratings from CreditWatch negative.

The rating agency also placed four of the lowered ratings on CreditWatch negative, and 13 of the lowered ratings remain on CreditWatch negative, indicating a considerable likelihood of further downgrades, according to S&P. Additionally, the firm affirmed its ratings on 26 other tranches.

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