Credit performance managed to improve slightly in European structured finance transactions in 1Q10 as the number of upgrades rose for the first time in several quarters, according to Standard & Poor's.

Despite rebound in positive rating actions, S&P mentioned that upgrades were still heavily outnumbered by downgrades, i.e., 151 and 1,155 in the last quarter. S&P expects the European economic recovery to remain relatively sluggish and fragile in the near term.

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