Clifford Chance

Impact of the U.S. Sovereign Credit Rating Downgrade on ABS with U.S. Exposure and on Cross-Border ABS

11 August 2011

On 5 August 2011, Standard & Poor's ("S&P") lowered its long-term sovereign credit rating on the United States of America to "AA+" from "AAA" and affirmed its "A-1+" short-term rating. The outlook for the long-term rating is negative.

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