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To: MythMan who wrote (346956)	10/31/2007 4:48:21 PM
From: Secret_Agent_Man	Read Replies (2) \| Respond to of 436258

GOOG gonna catch GOLD

To: MythMan who wrote (346956)	10/31/2007 7:01:24 PM
From: Giordano Bruno	Read Replies (1) \| Respond to of 436258

Mutual fund statements have been sent, default date was 10/24/07 Cut rates and release... NEW YORK (Standard & Poor's) Oct. 31, 2007--Standard & Poor's Ratings Services today placed its ratings on Sagittarius CDO I Ltd.'s (Sagittarius) class A and B notes on CreditWatch with negative implications (see list). Standard & Poor's noted that Sagittarius triggered an event of default (EOD) on Oct. 24, 2007, under Section 5.1(j) of the indenture, dated March 15, 2007, and failed the default par value coverage ratio. In addition, Standard & Poor's has recently received notices of EODs on six other U.S. collateralized debt obligation of asset-backed securities (CDO of ABS) transactions, which contain overcollateralization (O/C) ratio EOD triggers that are tied to the ratings of the assets that make up the transaction's collateral pool (see list). These EODs have been triggered by rating agencies' negative rating actions of certain U.S. residential mortgage-backed securities (RMBS) transactions and the subsequent reduction in the calculated par value of collateral in the O/C EOD ratio. (For a complete list of our CDO ratings that were recently placed on CreditWatch with negative implications, see "590 Ratings On 176 U.S. Cash Flow, Hybrid CDOs Put On Watch Neg; $20.616B In Notes Affected," published Oct. 22, 2007, on RatingsDirect.) Not all CDO transactions include these so-called "rating-based" O/C EOD triggers, which vary widely across CDOs that do include them. However, a breach of the O/C ratio threshold can change a transaction's priority of payments and lead to the CDO's early termination. Based on the transaction's unique terms, the EOD is either waived or rescinded (this may be driven by the votes of the deciding or "controlling" class of the senior-most or senior noteholders). If the EOD is not waived or rescinded, it may cause the transaction to accelerate, which means it can either remain in acceleration or liquidate the collateral. To the extent that the transaction is accelerated, it will typically change the priority of payments to a true sequential waterfall, which stops interest and principal payments to all classes of notes that are subordinate to the super senior swap or the senior-most class of notes outstanding. An acceleration could also lead to the transaction's early termination and a liquidation of the assets owned by the CDO. As Standard & Poor's receives notices of EODs, we will place all affected notes on CreditWatch with negative implications. Standard & Poor's will perform ongoing reviews based on the underlying assets' performance. If the EOD results in an acceleration, liquidation, or rescission, Standard & Poor's will evaluate the ratings in the transaction by performing a cash flow analysis and considering any changes to the priority of payments. Standard & Poor's will adjust each liability's rating, if appropriate, to reflect our opinion that the liability will be paid on or before its respective legal final maturity date. Standard & Poor's will publish further details and guidance on EODs in CDOs in a forthcoming commentary. RATINGS PLACED ON CREDITWATCH NEGATIVE Sagittarius CDO I Ltd. Class Rating A AAA/Watch Neg B AA/Watch Neg RATINGS OUTSTANDING ON CREDITWATCH NEGATIVE Transaction Class Rating ACA ABS 2007-2 Ltd. A1J AAA/Watch Neg ACA ABS 2007-2 Ltd. A1M AAA/Watch Neg ACA ABS 2007-2 Ltd. A2 AA/Watch Neg ACA ABS 2007-2 Ltd. A3 A/Watch Neg ACA ABS 2007-2 Ltd. B1 BBB/Watch Neg ACA ABS 2007-2 Ltd. B2 BBB-/Watch Neg Adams Square Funding I Ltd. A AAA/Watch Neg Adams Square Funding I Ltd. B-1 AA/Watch Neg Adams Square Funding I Ltd. B-2 AA-/Watch Neg Adams Square Funding I Ltd. C A/Watch Neg Adams Square Funding I Ltd. D BBB/Watch Neg Adams Square Funding I Ltd. E BB+/Watch Neg Carina CDO Ltd. A-2 AAA/Watch Neg Carina CDO Ltd. B-1 AA/Watch Neg Carina CDO Ltd. B-2 AA-/Watch Neg Carina CDO Ltd. C-1 A/Watch Neg Carina CDO Ltd. C-2 A-/Watch Neg Carina CDO Ltd. D-1 BBB+/Watch Neg Carina CDO Ltd. D-2 BBB/Watch Neg Carina CDO Ltd. D-3 BBB-/Watch Neg Carina CDO Ltd. X-1 BBB/Watch Neg Carina CDO Ltd. X-2 BBB-/Watch Neg Sagittarius CDO I Ltd. C A/Watch Neg Sagittarius CDO I Ltd. D-1 BBB+/Watch Neg Sagittarius CDO I Ltd. D-2 BBB/Watch Neg Sagittarius CDO I Ltd. D-3 BBB-/Watch Neg Sagittarius CDO I Ltd. E BBB-/Watch Neg Sagittarius CDO I Ltd. X BBB-/Watch Neg Sherwood III ABS CDO Ltd. A1J AAA/Watch Neg Sherwood III ABS CDO Ltd. A2 AA/Watch Neg Sherwood III ABS CDO Ltd. A3 A/Watch Neg Sherwood III ABS CDO Ltd. B BBB/Watch Neg Sherwood III ABS CDO Ltd. C BB/Watch Neg Vertical ABS CDO 2007-1 Ltd. A1J AAA/Watch Neg Vertical ABS CDO 2007-1 Ltd. A2 AA/Watch Neg Vertical ABS CDO 2007-1 Ltd. A3 A/Watch Neg Vertical ABS CDO 2007-1 Ltd. B1 BBB/Watch Neg Vertical ABS CDO 2007-1 Ltd. B2 BBB-/Watch Neg Vertical ABS CDO 2007-1 Ltd. C BB/Watch Neg Vertical ABS CDO 2007-1 Ltd. I BBB-/Watch Neg Webster CDO I Ltd. A-1LB AAA/Watch Neg Webster CDO I Ltd. A-2L AA/Watch Neg Webster CDO I Ltd. A-3L A/Watch Neg Webster CDO I Ltd. A-4L BBB+/Watch Neg Webster CDO I Ltd. B-1L BBB/Watch Neg Webster CDO I Ltd. B-2L BBB-/Watch Neg