Standard & Poor's took credit rating actions on 453 European synthetic CDO tranches.

The ratings on 312 tranches were lowered and removed from CreditWatch negative; and 141 tranches were lowered and remain on CreditWatch negative.

Of the 453 tranches lowered 23 references U.S. residential mortgage-backed securities (RMBS) and U.S. CDOs that are exposed to U.S. RMBS, which have experienced negative rating actions; and 430 have experienced corporate downgrades in their portfolio.

S&P said the rating actions are part of its regular monthly review of synthetic CDOs. These actions incorporate, among other things, the effect of recent rating migration within reference portfolios and recent credit events on several corporate entities.

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