Fitch Revises Rating Watch on 5 Assured Guaranty-Insured Tranches of TruPS CDOs

Fitch Ratings revised the 'AA' Insurer Financial Strength (IFS) rating of Assured Guaranty Corp. (AGC) to Rating Watch Negative from Evolving on Aug. 10, 2009.

As a result of this action, Fitch has revised the Rating Watch on the following trust preferred (TruPS) collateralized debt obligation (CDO) tranches that benefit from additional credit enhancement provided by a financial guaranty policy issued by AGC. Pending final resolution of the Rating Watch Negative on AGC's IFS rating, Fitch will maintain ratings on these notes based on the credit enhancement provided by the financial guaranty policy if the AGC IFS remains greater than the unenhanced rating.

Fitch has revised the ratings of the following tranches to Rating Watch Negative from Rating Watch Evolving:

ALESCO Preferred Funding VII, LTD./INC.

--US$166,054,458 class A-1-A first priority senior secured notes due 2035, 'AA'.

Attentus CDO II, Ltd./LLC

--US$196,384,544 class A-1 first priority senior secured floating-rate notes due 2041, 'AA'.

Attentus CDO III, Ltd./LLC

--US$100,000,000 class A-1B second priority senior secured floating-rate notes due 2042, 'AA'.

Dekania Europe CDO I plc

--EUR134,749,651 class A1 senior floating rate notes due 2035, 'AA'.

Dekania Europe CDO II p.l.c.

--EUR163,538,808 class A1 senior floating rate notes due 2037, 'AA'.

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