Seventy-six tranches from 19 U.S. cash-flow and hybrid collateralized debt obligations have been placed on CreditWatch with negative implications by Standard & Poor's Ratings Services.The issuance amount of the affected tranches totals approximately $2.16 billion, S&P reported. Ten of the affected deals are collateralized by trust-preferred securities issued by real estate investment trusts, and the other nine are backed by mezzanine structured finance securities, including residential mortgage-backed securities collateralized by first-lien subprime mortgages. Including the latest CreditWatch placements, 193 tranches (representing issuance amounts totaling approximately $6.60 billion) from 57 cash-flow and hybrid CDOs are on CreditWatch with negative implications due to exposure to RMBS that have experienced "negative credit migration," the rating agency said.

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