Standard & Poor's Ratings Services has placed 68 classes from 19 collateralized debt obligations with exposure to recently downgraded subprime residential mortgage-backed securities on CreditWatch with negative implications.The actions followed S&P's July 12 downgrades of numerous classes from first-lien subprime RMBS transactions. S&P said it has reviewed the results of preliminary cash flow analyses for the CDOs and compared them with scenario default rates generated by its CDO Evaluator model to determine whether the credit enhancement is still adequate. The CreditWatch placements "reflect the increased probability of default within the overall portfolios and take into consideration the CDO structures and the rating cushions available to support each tranche," S&P said. The rating agency can be found online at http://www.standardandpoors.com.

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