#afrms

OVERVIEW-- We have assessed the current performance of RMF Euro CDO IV by applying our 2010 counterparty criteria and conducting credit and cash flow analyses.-- Following our review, we believe that the level of credit enhancement available is commensurate with our current ratings on the notes.-- We have thus affirmed our ratings on all rated classes of notes in the transaction.-- RMF Euro CDO IV is a cash flow collateralized loan obligation (CLO) transaction that securitizes loans to primarily speculative-grade corporate firms.Standard & Poor's Ratings Services today affirmed its credit ratings on all rated classes of notes in RMF Euro CDO IV PLC.Today's rating actions follow a review of RMF Euro CDO IV, which included the application of our 2010 counterparty criteria, in addition to credit and cash flow analyses.In our opinion, the current levels of credit support available to all classes of notes are commensurate with our current ratings on the notes. We have therefore affirmed our ratings on all classes of notes in this transaction.From our analysis, we have observed that overcollateralization test results, the credit quality of the pool, and the weighted-average spread earned on the collateral pool have all improved since our last rating action in December 2009, (see Transaction Update: RMF Euro CDO IV PLC, published on Dec. 17, 2009).We have also observed that the balance of the collateral pool and outstanding balance of the class I notes have reduced. Overall, we have observed a small improvement in the level of credit enhancement available to each rated class of notes in the transaction as well as a small reduction in the stressed default rate generated by our CDO Evaluator credit model. We have also noted that the weighted-average recovery rates, which we consider to be appropriate, have reduced since our last review in 2009.We subjected the capital structure to a cash flow analysis to determine the break-even default rate for each rated class. We incorporated various cash flow stress scenarios using various default patterns, levels, and timings for each liability rating category, in conjunction with different interest stress scenarios.In our opinion, the credit enhancement available to each tranche remains consistent with the current ratings assigned to each class of notes, taking into account our credit and cash flow analyses and our 2010 counterparty criteria. We have therefore affirmed our ratings on all of the rated notes.None of the notes were constrained by the application of the largest obligor default test, a supplemental stress test we introduced in our 2009 criteria update for corporate collateralized debt obligations (CDOs) (see "Update to Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs," published on Sept. 17, 2009).We have applied our 2010 counterparty criteria and, in our view, the participants in the transaction are appropriately rated to support the ratings on the notes (see "Counterparty And Supporting Obligations Methodology And Assumptions," published on Dec. 6, 2010).We will publish a transaction update on this transaction in due course.RELATED CRITERIA AND RESEARCH-- Counterparty And Supporting Obligations Update, Jan. 13, 2011-- Counterparty And Supporting Obligations Methodology And Assumptions, Dec. 6, 2010-- Update to Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs, Sept. 17, 2009-- CDO Spotlight: Update to General Cash Flow Analytics Criteria For CDO Securitizations, Oct. 17, 2006RATINGS LISTRMF Euro CDO IV PLCEUR444 Million Fixed- And Floating-Rate NotesRatings AffirmedClass RatingI AA+ (sf)II A+ (sf)III BBB+ (sf)IV-A BB+ (sf)IV-B BB+ (sf)V BB (sf)

OVERVIEW-- We have assessed the current performance of RMF Euro CDO IV by applying our 2010 counterparty criteria and conducting credit and cash flow analyses.-- Following our review, we believe that the level of credit enhancement available is commensurate with our current ratings on the notes.-- We have thus affirmed our ratings on all rated classes of notes in the transaction.-- RMF Euro CDO IV is a cash flow collateralized loan obligation (CLO) transaction that securitizes loans to primarily speculative-grade corporate firms.Standard & Poor's Ratings Services today affirmed its credit ratings on all rated classes of notes in RMF Euro CDO IV PLC.Today's rating actions follow a review of RMF Euro CDO IV, which included the application of our 2010 counterparty criteria, in addition to credit and cash flow analyses.In our opinion, the current levels of credit support available to all classes of notes are commensurate with our current ratings on the notes. We have therefore affirmed our ratings on all classes of notes in this transaction.From our analysis, we have observed that overcollateralization test results, the credit quality of the pool, and the weighted-average spread earned on the collateral pool have all improved since our last rating action in December 2009, (see Transaction Update: RMF Euro CDO IV PLC, published on Dec. 17, 2009).We have also observed that the balance of the collateral pool and outstanding balance of the class I notes have reduced. Overall, we have observed a small improvement in the level of credit enhancement available to each rated class of notes in the transaction as well as a small reduction in the stressed default rate generated by our CDO Evaluator credit model. We have also noted that the weighted-average recovery rates, which we consider to be appropriate, have reduced since our last review in 2009.We subjected the capital structure to a cash flow analysis to determine the break-even default rate for each rated class. We incorporated various cash flow stress scenarios using various default patterns, levels, and timings for each liability rating category, in conjunction with different interest stress scenarios.In our opinion, the credit enhancement available to each tranche remains consistent with the current ratings assigned to each class of notes, taking into account our credit and cash flow analyses and our 2010 counterparty criteria. We have therefore affirmed our ratings on all of the rated notes.None of the notes were constrained by the application of the largest obligor default test, a supplemental stress test we introduced in our 2009 criteria update for corporate collateralized debt obligations (CDOs) (see "Update to Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs," published on Sept. 17, 2009).We have applied our 2010 counterparty criteria and, in our view, the participants in the transaction are appropriately rated to support the ratings on the notes (see "Counterparty And Supporting Obligations Methodology And Assumptions," published on Dec. 6, 2010).We will publish a transaction update on this transaction in due course.RELATED CRITERIA AND RESEARCH-- Counterparty And Supporting Obligations Update, Jan. 13, 2011-- Counterparty And Supporting Obligations Methodology And Assumptions, Dec. 6, 2010-- Update to Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs, Sept. 17, 2009-- CDO Spotlight: Update to General Cash Flow Analytics Criteria For CDO Securitizations, Oct. 17, 2006RATINGS LISTRMF Euro CDO IV PLCEUR444 Million Fixed- And Floating-Rate NotesRatings AffirmedClass RatingI AA+ (sf)II A+ (sf)III BBB+ (sf)IV-A BB+ (sf)IV-B BB+ (sf)V BB (sf)

LBB's and BHH's downgrade does not affect the maximum rating achievable on a probability of default (PD) basis for LBB and BHH's public sector Pfandbriefe which is still 'AAA'. For BHH's mortgage Pfandbriefe, the maximum achievable rating on a PD basis is now limited to 'AA+' from 'AAA' previously. For all three programmes, the level of overcollateralisation (OC) supporting the existing rating is increasing. This is because no interest rate and foreign exchange rate stresses have so far been applied in the analysis, in line with Fitch's counterparty criteria for rating covered bonds from issuers rated at least 'AA-' /'F1+'.After LBB's downgrade, the application of these stresses leads to an increased OC level of 15.3% from 7.9% supporting a 'AAA' rating (see 'Fitch Affirms Landesbank Berlin AG's Public Sector Pfandbriefe at 'AAA'' dated 6 December 2010 at www.fitchratings.com). This is below the lowest level of OC held in the programme over the past 12 months (76%) and hence justifies the rating affirmation.For BHH's public sector programme, the level of OC supporting the 'AAA' rating has increased to 11.5% from 10.8% when incorporating interest and FX stresses (see 'Fitch Affirms BerlinHyp's Public Sector Pfandbriefe at 'AAA'' dated 23 June 2011 at www.fitchratings.com). This is below the lowest level of OC held in this programme over the past 12 months (13.4%), and hence justifies the rating affirmation.The 'AA+' rating of BHH's mortgage covered bonds programme was based on the issuers IDR and a recovery given default analysis. The OC supporting a two notch uplift above the IDR stood at 12%. The agency has decided to put the programme on RWE as the issuer has delivered new and more detailed data and also indicated that it is willing to increase the level of OC. The current nominal OC stands at 17.4%. The agency is currently analysing the pool based on the most recent data and will incorporate interest rate and FX stresses in its determination of the OC supporting a 'AA+' rating. Fitch expects the RWE to be resolved by the end of November.

The ratings reflect TCB's overall steady financial profile, its still small franchise, modest profitability and capitalisation, adequate asset quality and sound liquidity. The Stable Outlook is underpinned by adequate capital strength. Increase in risk appetite or asset quality deterioration resulting in losses and reduced capital may put pressure on ratings.TCB reported improved asset quality and increased loan loss reserve coverage in H111. Meanwhile, moderate loan growth (5% in H111) and low provision charges helped lift return on assets to 0.41% in H111 from 0.13% in 2010. TCB has maintained a sound liquidity profile, due to its well-established deposit-taking franchise in its home region in central Taiwan. TCB's capitalisation is modest, with a Tier 1 capital ratio of 7.9% (industry average: 9%). The bank is planning to raise TWD4.5bn in equity in Q411 to improve its core capital base.The ratings on TCB's s debt instruments are in line with Fitch's criteria for rating such instruments. The convertible bond rating is equivalent to the bank's National Long-Term rating, and reflects its status as senior, unsecured obligations of the bank. The subordinated bond rating is one notch below the bank's National Long-Term rating, reflecting its subordinated status within the capital structure.TCB is a privately owned regional bank in Taiwan, with a deposit market share of 1.2% (81.5% from its home region in central Taiwan) at end-H111. China Man-Made Fiber Corp <1718.TW > is its largest shareholder and has nine out of 15 seats on the Board of Directors.TCB:- Long-Term Foreign Currency IDR affirmed at 'BB+'; Outlook Stable- Short-Term Foreign Currency IDR affirmed at 'B' - National Long-Term rating affirmed at 'A-(twn)'; Outlook Stable- National Short-Term rating affirmed at 'F2(twn)'- Viability Rating affirmed at 'bb+'- Individual rating affirmed at 'C/D'- Support rating affirmed at '5'- Support Rating Floor affirmed at 'NF'- Convertible bonds affirmed at 'A-(twn)'- Subordinated bonds affirmed at 'BBB+(twn)'For a more detailed credit profile, please refer to Fitch's credit report of TCB, which will be available shortly at www.fitchratings.com.

OVERVIEW-- We have reviewed Erste Europaeische Pfandbrief- und Kommunalkreditbank's public-sector covered bonds.-- We have affirmed our 'AA+' ratings on these public-sector covered bonds following our review.-- The outlook remains stable.Standard & Poor's Ratings Services today affirmed its 'AA+' credit ratings on Erste Europaeische Pfandbrief- und Kommunalkreditbank AG's (EEPK) public-sector covered bonds following a review. The outlook remains stable (see list below).For our rating affirmation on EEPK's public-sector covered bonds, we have reviewed the asset and cash flow information provided as of June 30, 2011.

OVERVIEW-- We have reviewed Erste Europaeische Pfandbrief- und Kommunalkreditbank's public-sector covered bonds.-- We have affirmed our 'AA+' ratings on these public-sector covered bonds following our review.-- The outlook remains stable.Standard & Poor's Ratings Services today affirmed its 'AA+' credit ratings on Erste Europaeische Pfandbrief- und Kommunalkreditbank AG's (EEPK) public-sector covered bonds following a review. The outlook remains stable (see list below).For our rating affirmation on EEPK's public-sector covered bonds, we have reviewed the asset and cash flow information provided as of June 30, 2011.

OVERVIEW-- We have reviewed Erste Europaeische Pfandbrief- und Kommunalkreditbank's public-sector covered bonds.-- We have affirmed our 'AA+' ratings on these public-sector covered bonds following our review.-- The outlook remains stable.Standard & Poor's Ratings Services today affirmed its 'AA+' credit ratings on Erste Europaeische Pfandbrief- und Kommunalkreditbank AG's (EEPK) public-sector covered bonds following a review. The outlook remains stable (see list below).For our rating affirmation on EEPK's public-sector covered bonds, we have reviewed the asset and cash flow information provided as of June 30, 2011.

OVERVIEW-- We have reviewed Erste Europaeische Pfandbrief- und Kommunalkreditbank's public-sector covered bonds.-- We have affirmed our 'AA+' ratings on these public-sector covered bonds following our review.-- The outlook remains stable.Standard & Poor's Ratings Services today affirmed its 'AA+' credit ratings on Erste Europaeische Pfandbrief- und Kommunalkreditbank AG's (EEPK) public-sector covered bonds following a review. The outlook remains stable (see list below).For our rating affirmation on EEPK's public-sector covered bonds, we have reviewed the asset and cash flow information provided as of June 30, 2011.