-- In our view, Kazakhstan-based insurer Kazkommerts-Policy displays adequate operating results and capitalization, but its competitive position--in international terms--and financial flexibility are weak.-- We consider Kazkommerts-Policy to be a strategically important subsidiary of Kazkommertsbank under our group methodology. However, our assessment reflects the company's stand-alone credit profile.-- We are assigning our 'B+' credit ratings and 'kzBBB' Kazakhstan national scale rating to Kazkommerts-Policy.-- The stable outlook reflects our expectation that Kazkommerts-Policy will be able to show sound operating results and maintain at least very strong capital adequacy.Standard & Poor's Ratings Services said today it assigned its 'B+' long-term counterparty credit and insurer financial strength ratings and 'kzBBB' Kazakhstan national scale rating to JSC Insurance Co. Kazkommerts-Policy. The outlook is stable."The ratings reflect our view of Kazkommerts-Policy's adequate operating results and capitalization, supported by extremely strong risk-based capital adequacy," said Standard & Poor's credit analyst Ekaterina Tolstova. "These positive factors are offset by the company's weak competitive position in international terms and its limited financial flexibility."Kazkommerts-Policy, a universal insurance company, was established in 1996. The current shareholder structure was adopted in 2008 and the company's ultimate shareholder is Kazkommertsbank (JSC) (KKB; B/Stable/C). We consider Kazkommerts-Policy to be a strategically important subsidiary of its parent, KKB, based on our group methodology. However, our assessment of the company's stand-alone credit profile (SACP) is higher than our rating on KKB. We believe the regulatory framework provides some protection for the company in the event of adverse intervention from its parent. Consequently, the rating on Kazkommerts-Policy reflects its SACP. Nevertheless, the rating cannot be more than one notch higher than the rating on KKB.We assess Kazkommerts-Policy's competitive position as weak overall, constrained by a relatively small premiums base in international terms and high industry and country risks in Kazakhstan.With gross premiums written (GPW) of Kazakhstani tenge (KZT) 16.4 billion (about $110 million) in 2010, Kazkommerts-Policy is the second largest player in Kazakhstan's insurance market after Eurasia Insurance Co. (BB/Stable/--), whose GPW was KZT18.8 billion (about $128 million). We note that the company's gross results are quite volatile, owing to civil liability fronting business.We consider the operating performance of Kazkommerts-Policy to be adequate and supported by good underwriting and investment results. Although the gross combined ratio was volatile, mainly because of fronting business, the net combined ratio is quite stable. It was 81% in 2010 after 78% in 2009.Investment income has been stable, except during the financial market turmoil in 2009. In our view, the quality and mix of Kazkommerts-Policy's investment portfolio are adequate. However, the portfolio is exposed to significant credit risk, some market risks, and shows a concentration of Kazakh issuers.We believe that Kazkommerts-Policy's capitalization is generally adequate, reflecting extremely strong risk-based capital adequacy. In our view, however, there is some dependence on reinsurance protection, the quality of which we consider to be adequate.We view Kazkommerts-Policy's financial flexibility as weak, constrained by its parent's current financial profile. However, we regard the company's adequate internal capital generation as positive."The outlook is stable because we expect that Kazkommerts-Policy will be able to maintain its competitive standing in the Kazakh insurance market, while showing sound operating results and keeping capital adequacy at least very strong," said Ms. Tolstova.We envisage that the net combined ratio will not exceed 90% in 2011-2012 and that gross technical results will likely be volatile.A negative rating action could follow if we saw a significant deterioration of the company's competitive position and quality of reinsurance protection or if operating results weakened, reflected in net combined ratios of more than 100%. If we were to perceive the ultimate shareholder's actions as having a negative influence on the company's operating results or infringing the rights of policyholders, we would also consider a negative rating action. In addition, negative rating actions on the parent, KKB, could lead to similar rating actions on Kazkommerts-Policy. In such a case, our rating on Kazkommerts-Policy would likely be at most one notch higher than that on its parent.Positive rating actions are unlikely at this stage, in view of the credit profiles of Kazkommerts-Policy and KKB.RELATED CRITERIA AND RESEARCHAll articles listed below are available on RatingsDirect on the Global Credit Portal, unless otherwise stated.-- , Jan. 20, 2011-- Refined Methodology And Assumptions For Analyzing Insurer Capital Adequacy Using The Risk-Based Insurance Capital Model, June 7, 2010-- Use Of CreditWatch And Outlooks, Sept. 14, 2009-- Interactive Ratings Methodology, April 22, 2009-- Group Methodology, April 22, 2009-- Evaluating Insurers' Competitive Positions, April 22, 2009

Standard & Poor's economists have lowered our forecast for global real GDP growth to 3.1% in 2011 vs. 4.2% growth last year. We expect U.S. GDP growth to be more sluggish--only 1.6% (a little more than half that of last year)--and Canada to be only modestly better at 2.3%. Our economists also see a 40% chance of a double-dip recession in the U.S. This translates into varying degrees of risk for North American transportation companies."Well-diversified freight transportation companies, such as railroads and package express companies, appear best positioned, in our view, based on the precedent of their relatively good performance in the 2008-2009 recession," said Standard & Poor's credit analyst Phil Baggaley. "Highly competitive sectors burdened with excess capacity, such as oil tankers and some parts of the trucking industry, are already in distress or are at risk of becoming so if growth drops off significantly."Lower crude oil prices, caused by a slowing economy, provide a partial offsetting positive for many companies, though fuel costs nonetheless remain high by historical standards.Another potential challenge for transportation companies is the risk of more severe disruptions in financial markets, potentially triggered by sovereign debt problems in Europe. Most companies are capital intensive and rely on debt funding from banks and the capital markets. Here again, the risk varies by sector and from company to company.

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)

-- In our view, Kazakhstan-based insurer Kazkommerts-Policy displays adequate operating results and capitalization, but its competitive position--in international terms--and financial flexibility are weak.-- We consider Kazkommerts-Policy to be a strategically important subsidiary of Kazkommertsbank under our group methodology. However, our assessment reflects the company's stand-alone credit profile.-- We are assigning our 'B+' credit ratings and 'kzBBB' Kazakhstan national scale rating to Kazkommerts-Policy.-- The stable outlook reflects our expectation that Kazkommerts-Policy will be able to show sound operating results and maintain at least very strong capital adequacy.Standard & Poor's Ratings Services said today it assigned its 'B+' long-term counterparty credit and insurer financial strength ratings and 'kzBBB' Kazakhstan national scale rating to JSC Insurance Co. Kazkommerts-Policy. The outlook is stable."The ratings reflect our view of Kazkommerts-Policy's adequate operating results and capitalization, supported by extremely strong risk-based capital adequacy," said Standard & Poor's credit analyst Ekaterina Tolstova. "These positive factors are offset by the company's weak competitive position in international terms and its limited financial flexibility."Kazkommerts-Policy, a universal insurance company, was established in 1996. The current shareholder structure was adopted in 2008 and the company's ultimate shareholder is Kazkommertsbank (JSC) (KKB; B/Stable/C). We consider Kazkommerts-Policy to be a strategically important subsidiary of its parent, KKB, based on our group methodology. However, our assessment of the company's stand-alone credit profile (SACP) is higher than our rating on KKB. We believe the regulatory framework provides some protection for the company in the event of adverse intervention from its parent. Consequently, the rating on Kazkommerts-Policy reflects its SACP. Nevertheless, the rating cannot be more than one notch higher than the rating on KKB.We assess Kazkommerts-Policy's competitive position as weak overall, constrained by a relatively small premiums base in international terms and high industry and country risks in Kazakhstan.With gross premiums written (GPW) of Kazakhstani tenge (KZT) 16.4 billion (about $110 million) in 2010, Kazkommerts-Policy is the second largest player in Kazakhstan's insurance market after Eurasia Insurance Co. (BB/Stable/--), whose GPW was KZT18.8 billion (about $128 million). We note that the company's gross results are quite volatile, owing to civil liability fronting business.We consider the operating performance of Kazkommerts-Policy to be adequate and supported by good underwriting and investment results. Although the gross combined ratio was volatile, mainly because of fronting business, the net combined ratio is quite stable. It was 81% in 2010 after 78% in 2009.Investment income has been stable, except during the financial market turmoil in 2009. In our view, the quality and mix of Kazkommerts-Policy's investment portfolio are adequate. However, the portfolio is exposed to significant credit risk, some market risks, and shows a concentration of Kazakh issuers.We believe that Kazkommerts-Policy's capitalization is generally adequate, reflecting extremely strong risk-based capital adequacy. In our view, however, there is some dependence on reinsurance protection, the quality of which we consider to be adequate.We view Kazkommerts-Policy's financial flexibility as weak, constrained by its parent's current financial profile. However, we regard the company's adequate internal capital generation as positive."The outlook is stable because we expect that Kazkommerts-Policy will be able to maintain its competitive standing in the Kazakh insurance market, while showing sound operating results and keeping capital adequacy at least very strong," said Ms. Tolstova.We envisage that the net combined ratio will not exceed 90% in 2011-2012 and that gross technical results will likely be volatile.A negative rating action could follow if we saw a significant deterioration of the company's competitive position and quality of reinsurance protection or if operating results weakened, reflected in net combined ratios of more than 100%. If we were to perceive the ultimate shareholder's actions as having a negative influence on the company's operating results or infringing the rights of policyholders, we would also consider a negative rating action. In addition, negative rating actions on the parent, KKB, could lead to similar rating actions on Kazkommerts-Policy. In such a case, our rating on Kazkommerts-Policy would likely be at most one notch higher than that on its parent.Positive rating actions are unlikely at this stage, in view of the credit profiles of Kazkommerts-Policy and KKB.RELATED CRITERIA AND RESEARCHAll articles listed below are available on RatingsDirect on the Global Credit Portal, unless otherwise stated.-- , Jan. 20, 2011-- Refined Methodology And Assumptions For Analyzing Insurer Capital Adequacy Using The Risk-Based Insurance Capital Model, June 7, 2010-- Use Of CreditWatch And Outlooks, Sept. 14, 2009-- Interactive Ratings Methodology, April 22, 2009-- Group Methodology, April 22, 2009-- Evaluating Insurers' Competitive Positions, April 22, 2009

-- On Sept. 29, 2011, private equity firm BC Partners acquired Swedish cable operator Com Hem AB through a leveraged buyout.-- We are assigning a 'B' long-term corporate credit rating to Norcell Sweden Holding 2 AB (Com Hem), a holding company within the Com Hem group.-- We are also assigning a recovery rating of '3' to the proposed SEK5.82 billion term loans to be issued by Norcell Sweden Holding 3 AB.-- The stable outlook reflects our belief that Com Hem will rapidly refinance its bridge loans, and generate positive and growing free cash flows, but will remain highly leveraged.Standard & Poor's Ratings Services said today that it had assigned its 'B' long-term corporate credit rating to Norcell Sweden Holding 2 AB (Com Hem), a holding company within the Com Hem group. The outlook is stable.At the same time, we assigned a 'B' issue rating and a recovery rating of '3' to the proposed Swedish krona (SEK) 5.82 billion term loans, borrowed from another group holding company Norcell Sweden Holding 3 AB and operating entity Com Hem AB.The rating on the proposed term loans is subject to our satisfactory review of the final documentation. In the event of any changes to the amount, terms, or conditions of the instruments, we could review and change the issue rating.The corporate credit rating is constrained by Com Hem's high financial leverage and our expectation of only modest deleveraging potential and moderately positive free operating cash flow (FOCF) generation. Furthermore, Com Hem faces intense competition from various technology platforms, translating into meaningful churn rates among customers subscribing to more than basic TV access. In mainly multidwelling areas, Com Hem competes with large incumbent TeliaSonera AB (A-/Stable/A-2) and other players using several alternative technologies, mainly digital subscriber line and fiber.The corporate credit rating benefits from the group's solid established position within its 1.8 million connected household footprint, providing a stable utility-like basic analog TV subscriber base, solid positions in digital TV, fixed broadband, and telephony markets within the footprint, and likely growth opportunities through increasing the penetration of digital TV and associated services (such as video on demand). Additional supports include the healthy Swedish economy, and Com Hem's superior network offering internet speeds of 100-200 megabits per second.The rating also benefits from the group's proposed long-term capital structures with limited debt amortization until 2017, and anticipated adequate liquidity position.The stable outlook reflects our belief that Com Hem will remain highly leveraged for the next two years, while generating positive and growing FOCF.The ratings could come under pressure if Com Hem does not rapidly refinance its bridge loans, if deleveraging did not materialize according to our expectations or if liquidity came under pressure. Specifically, we could lower the ratings if adjusted debt to EBITDA ratio remains materially above 8x in 2012 (currently 8.3x) or if FFO to adjusted debt falls below 5% (currently 6.3%).Near-term rating upside is unlikely in our view, as we do not expect adjusted gross debt to EBITDA to fall below 6x in the near future.RELATED CRITERIA AND RESEARCHAll articles listed below are available on RatingsDirect on the Global Credit Portal.-- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008-- Criteria Methodology: Business Risk/Financial Risk Matrix Expanded, May 27, 2009-- Standard & Poor's Revises Its Approach To Rating Speculative-Grade Credits, May 13, 2008-- 2008 Corporate Criteria: Ratios And Adjustments, April 15, 2008-- LBO Equity Hybrids: Too Good To Be True, Aug. 10, 2007

-- On Sept. 29, 2011, private equity firm BC Partners acquired Swedish cable operator Com Hem AB through a leveraged buyout.-- We are assigning a 'B' long-term corporate credit rating to Norcell Sweden Holding 2 AB (Com Hem), a holding company within the Com Hem group.-- We are also assigning a recovery rating of '3' to the proposed SEK5.82 billion term loans to be issued by Norcell Sweden Holding 3 AB.-- The stable outlook reflects our belief that Com Hem will rapidly refinance its bridge loans, and generate positive and growing free cash flows, but will remain highly leveraged.Standard & Poor's Ratings Services said today that it had assigned its 'B' long-term corporate credit rating to Norcell Sweden Holding 2 AB (Com Hem), a holding company within the Com Hem group. The outlook is stable.At the same time, we assigned a 'B' issue rating and a recovery rating of '3' to the proposed Swedish krona (SEK) 5.82 billion term loans, borrowed from another group holding company Norcell Sweden Holding 3 AB and operating entity Com Hem AB.The rating on the proposed term loans is subject to our satisfactory review of the final documentation. In the event of any changes to the amount, terms, or conditions of the instruments, we could review and change the issue rating.The corporate credit rating is constrained by Com Hem's high financial leverage and our expectation of only modest deleveraging potential and moderately positive free operating cash flow (FOCF) generation. Furthermore, Com Hem faces intense competition from various technology platforms, translating into meaningful churn rates among customers subscribing to more than basic TV access. In mainly multidwelling areas, Com Hem competes with large incumbent TeliaSonera AB (A-/Stable/A-2) and other players using several alternative technologies, mainly digital subscriber line and fiber.The corporate credit rating benefits from the group's solid established position within its 1.8 million connected household footprint, providing a stable utility-like basic analog TV subscriber base, solid positions in digital TV, fixed broadband, and telephony markets within the footprint, and likely growth opportunities through increasing the penetration of digital TV and associated services (such as video on demand). Additional supports include the healthy Swedish economy, and Com Hem's superior network offering internet speeds of 100-200 megabits per second.The rating also benefits from the group's proposed long-term capital structures with limited debt amortization until 2017, and anticipated adequate liquidity position.The stable outlook reflects our belief that Com Hem will remain highly leveraged for the next two years, while generating positive and growing FOCF.The ratings could come under pressure if Com Hem does not rapidly refinance its bridge loans, if deleveraging did not materialize according to our expectations or if liquidity came under pressure. Specifically, we could lower the ratings if adjusted debt to EBITDA ratio remains materially above 8x in 2012 (currently 8.3x) or if FFO to adjusted debt falls below 5% (currently 6.3%).Near-term rating upside is unlikely in our view, as we do not expect adjusted gross debt to EBITDA to fall below 6x in the near future.RELATED CRITERIA AND RESEARCHAll articles listed below are available on RatingsDirect on the Global Credit Portal.-- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008-- Criteria Methodology: Business Risk/Financial Risk Matrix Expanded, May 27, 2009-- Standard & Poor's Revises Its Approach To Rating Speculative-Grade Credits, May 13, 2008-- 2008 Corporate Criteria: Ratios And Adjustments, April 15, 2008-- LBO Equity Hybrids: Too Good To Be True, Aug. 10, 2007

OVERVIEW-- In July, we downgraded several classes in castellana finance. ltd. due to its counterparty exposure.-- At the same time, we placed the most junior-rated notes (class C2) on CreditWatch negative due to weakening credit enhancement levels.-- As of today, we have kept the class C2 notes on CreditWatch negative, as we would like to make further analysis of developments in the transaction after the Oct. 10 payment date.-- castellana finance is a CDS issued in June 2007, under which the issuer sells protection on the reserve funds and the subordinated credit lines of 14 Bankinter RMBS transactions.-- In this transaction, our ratings address timely payment of interest and ultimate payment of principal, if there is no credit event.Standard & Poor's Ratings Services today kept on CreditWatch negative its 'A- (sf)' credit rating on castellana finance. ltd.'s class C2 notes.In July 2011, we removed from CreditWatch negative and downgraded several notes in the transaction due to its counterparty exposure. At that time, we also downgraded the class C2 notes and placed them on CreditWatch negative (see "Ratings List Resolving European Structured Finance Counterparty CreditWatch Placements").The purpose of the transaction is to transfer to third-party investors the credit risk associated with the reserve funds and subordinated credit lines in 14 residential mortgage-backed securities (RMBS) transactions held at Bankinter S.A. , as outlined below:-- The underlying transactions were originated by Bankinter between May 1999 and March 2007.-- On the closing date, the issuer deposited the note issuance proceeds as cash with Bankinter (the account bank provider).-- At the same time, it entered into a EUR185.15 million credit default swap (CDS) with Bankinter, under which the issuer sells protection on the reserve funds and the subordinated credit lines of the 14 Bankinter RMBS transactions.-- The funds have a total value of EUR185.15 million. Bankinter, as protection buyer, makes quarterly premium payments to the issuer. In return, the issuer must make credit protection payments to Bankinter if a credit event occurs, subject to certain conditions.-- If the issuer makes a credit protection payment to Bankinter, the principal balance of the notes reduces by a corresponding amount.-- If the credit event is then cured, Bankinter must, from time to time, make reimbursement payments to castellana finance and, as a consequence, the principal balance of the notes is reinstated.Until today, several credit protection payments have been made which, in the past, were able to be reimbursed, but which lately have persisted.Since the January 2011 payment date, several draws in Bankinter 11, 12, and 13's reserve funds have caused subsequent credit events, which have resulted in a credit event amount of EUR1,747,878.16 as of the July 2011 payment date.Given that the following payment date was on Oct. 10, 2011, we have today kept the class C2 notes on CreditWatch negative, as we would like to make further analysis in order to reflect the latest developments at the transaction level.RELATED CRITERIA AND RESEARCH-- Ratings List Resolving European Structured Finance Counterparty CreditWatch Placements, July 12, 2011-- Counterparty And Supporting Obligations Update, Jan. 13, 2011-- Counterparty And Supporting Obligations Methodology And Assumptions, Dec. 6, 2010-- Understanding Standard & Poor's Rating Definitions, June 3, 2009-- Methodology And Assumptions: Update To The Criteria For Rating Spanish Residential Mortgage-Backed Securities, Jan. 6, 2009-- New Issue: castellana finance. ltd., Oct. 16, 2007-- Criteria for Rating Spanish Residential Mortgage-Backed Securities, March 1, 2002