TEXT-S&P Lowers Rtg On Emerald Assets Ltd. - Portfolio 1 Notes

(The following was released by the rating agency)

MELBOURNE (Standard & Poor's) Oct. 29, 2012--Standard &

Poor's Ratings Services today lowered its rating on the Series

P1-AAA-002 notes issued by Emerald Assets Ltd. - Portfolio 1 to

'AA- (sf)' from 'AA (sf)'. The rating action follows the

lowering of our long- and short-term counterparty credit ratings

on BNP Paribas to 'A+/A-1' from 'AA-/A-1+' (see research update

titled "Various Rating Actions Taken On French Banks Due To

Rising Economic Risks," Oct. 25, 2012).

The Emerald Assets Ltd. - Portfolio 1 notes are commercial

mortgage-backed securities (CMBS) supported by a portfolio of

industrial and business park properties in Singapore. The rating

on the notes is dependent on the credit rating on BNP Paribas,

which acts as the currency-swap provider to the transaction. The

rating on the notes is limited to one notch higher than that of

the currency-swap provider under Standard & Poor's Counterparty

Risk Framework Methodology And Assumptions.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report

accompanying a credit rating relating to an asset-backed

security as defined in the Rule, to include a description of the

representations, warranties and enforcement mechanisms available

to investors and a description of how they differ from the

representations, warranties and enforcement mechanisms in

issuances of similar securities. The Rule applies to in-scope

securities initially rated (including preliminary ratings) on or

after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report

included in this credit rating report is available at "http://standardandpoorsdisclosure-17g7.com

".

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional

regulatory disclosures that may apply to a transaction. RATING

LOWERED Class Rating to Rating from P1-AAA-002 AA- (sf) AA (sf)

RELATED CRITERIA AND RESEARCH

-- Asia Pacific Feels The Pressure Of Ongoing Global

Economic Uncertainty, Sept. 23, 2012

-- CMBS Global Property Evaluation Methodology, Sept. 5,

2012

-- Counterparty Risk Framework Methodology And Assumptions,

May 31, 2012

-- Assessing Credit Quality By the Weakest Link, Feb. 13,

2012

-- Global Structured Finance Scenario And Sensitivity

Analysis: The Effects Of The Top Five Macroeconomic Factors,

Nov. 4, 2011

-- Principles of Credit Ratings, Feb. 16, 2011

Source: http://news.yahoo.com/text-p-lowers-rtg-emerald-assets-ltd-portfolio-062612727--sector.html

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