Top News Stories

DOW JONES NEWSWIRES Top Russian fixed-line operator OAO Comstar United TeleSystems (CMST.RS) on Thursday will report a fourth-quarter writedown of RUB10.5 billion ($357 million) because it overvalued its 2006 acquisition of part of state telecoms holding OAO Svyazinvest, business daily Vedomosti reports Wednesday. A source at Comstar tells the newspaper that auditing firm Ernst & Young early this year determined the value of the company's 25%-plus-one-share blocking stake was RUB26 billion. Comstar paid RUB36.5 billion.

Comstar president Sergei Pridantsev declined to comment, as did representatives of the company's official auditor, Deloitte & Touche. Comstar's controlling shareholder, OAO Mobile TeleSystems (MBT), said it had no comment. Newspaper Web site: www.vedomosti.ru -Dow Jones Newswires; 212-416-2900 (END) Dow Jones Newswires March 16, 2010 19:50 ET (23:50 GMT)

(END) Dow Jones Newswires March 16, 2010 19:07 ET (23:07 GMT)

(Updates with comments from Eli Lilly) By Jared A. Favole Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--Sen. Herb Kohl (D., Wisc.) is pressing pharmaceutical companies such as GlaxoSmithKline PLC (GSK, GSK.LN), Eli Lilly & Co.

(LLY) and Pfizer Inc. (PFE) to explain why their drugs often cost four times more in the U.S. than in other countries.

Letters from the Special Committee on Aging, which Kohl chairs, ask the chief executives of six pharmaceutical companies with the most-widely prescribed medicines why products such as heartburn pill Nexium, cholesterol drug Lipitor and depression treatment Cymbalta cost for U.S. patients so much. AstraZeneca PLC (AZN, AZN.LN), Novartis AG (NVS, NOVN.VX) and Sanofi-Aventis SA (SNY, SAN.FR) also received letters from Kohl.

The letters note that U.S. consumers spend an average of $878 a person on prescription drugs, compared with $446 a person in other industrialized countries. AstraZeneca's Nexium, for instance, costs $3.91 in the U.S.

for one dose compared with 88 cents in Germany, according to IMS Health Inc. (RX), a health-information company. Nexium is the second most-widely prescribed medicine in the U.S.

Pfizer's Lipitor costs $2.82 for one dose, compared with $1.83 in Canada and 71 cents in New Zealand. "These differentials are dramatic and often put American consumers at a severe disadvantage globally," Kohl said in the letters, sent Tuesday. Kohl also heads the Senate appropriations subcommittee that oversees the U.S.

Food and Drug Administration's budget. He said the differing prices can't be explained by differences in how the medicines are produced or manufactured. AstraZeneca spokesman Blair Hains said the company received the letter and would respond to Kohl's staff.

He said the majority of U.S. patients with prescription-drug insurance coverage pay on average less than $30 for a month's supply of Nexium. He said AstraZeneca also has a robust program in place to assist patients who struggle to cover the costs of the medicine.

Eli Lilly spokesman Edward Sagebiel said a variety of factors contribute to the price differences. He said prices may be kept "artificially low" by government controls, and differing currency values may play a role. He said the company hasn't received a copy of Kohl's letter yet.

Representatives from the other companies weren't immediately available to comment. The letters come as Congress is making a final push to revamp the U.S. health-care system in the hopes of expanding coverage and lowering costs.

Kohl has supported a variety of moves aimed at lowering drug costs, including allowing the federal government to negotiate drug prices directly with pharmaceutical companies, and letting consumers buy prescription medicines from abroad. The two issues are controversial and are strongly opposed by the drug industry. The programs appear unlikely to be included in final health-care legislation.

The pharmaceutical industry struck a deal in the summer with the White House, saying they would support health-care reform and contribute $80 billion in health-care cost savings over 10 years, in part by lowering some medicines' prices to close a gap in seniors' Medicare coverage. The letters also ask the companies what percentage of their operations are based in the U.S. and how much the companies spend annually on marketing the drugs.

The U.S. is one of the few countries that allows pharmaceutical companies to advertise prescription drugs directly to consumers. Such spending totals about $4 billion a year.

The Senate Special Committee on Aging will hold a hearing on prescription-drug prices Wednesday. The meeting, entitled "Seniors Feeling the Squeeze: Rising Drug Prices and the Part D Program," will probe how prescription-drug costs affect senior citizens. Sen.

Bill Nelson (D., Fla.) will guest-chair the hearing. -By Jared A. Favole, Dow Jones Newswires; 202-862-9207; jared.favole@dowjones.com (END) Dow Jones Newswires March 16, 2010 18:19 ET (22:19 GMT)

CALABASAS, Calif.--(BUSINESS WIRE)--March 16, 2010-- Even though national average mortgage rates have been hovering below 5.25% for the past month or so, many borrowers have not refinanced their current home loan, even though their current rate may be over 6%. Informa Research Services, a subsidiary of Informa plc (LSE: INF), passes along important information from AimLoan.com to help consumers who could save money by refinancing their current mortgage (http://www.erate.com/mortgage_rates_search.htm). According to AimLoan.com, "the 4.2 million homeowners who refinanced their mortgages last year are saving an average of $2,600 annually." By lowering the rate on existing mortgages, homeowners can benefit by having more money to spend, which helps boost the economy.

One way to initiate this economically advantageous chain of events is by using the Home Affordable Refinance Program (HARP). The HARP offered by both Fannie Mae and Freddie Mac is "designed for homeowners who have continued to pay their mortgage on time, but whose property values have fallen through no fault of their own" says Vince Kasperick, Founder and CEO of AimLoan.com. HARP refinances must be held by Fannie Mae or Freddie Mac and must follow specific guidelines.

Many homeowners are unaware of this option because some major lenders are limiting the number of HARP refinances they offer. To find out if your mortgage is eligible or find out more about HARP, please visit http://www.makinghomeaffordable.gov. When looking to refinance your mortgage through HARP, its best to start by educating yourself about what constitutes a low rate.

The easiest way to do that is by using online rate comparison tables. While these tables may not include HARP refinance rates, it is one of the best ways to find out what rates are currently being offered by lenders in your area. Follow Informa Research Services on Twitter (@InformaResearch).

Become a fan of Informa Research Services on Facebook Permission is granted to reprint this release in part or in its entirety as long as source credit is properly listed. About Informa Research Services, Inc. (www.informars.com) Since 1983, Informa Research Services, Inc., has provided the financial industry's most extensive array of market research, mystery shop, and decision-support information.

CONTACT: Informa Research Services, Inc. James Royal Phone: 818-880-8877 Fax: 818-880-2069 SOURCE: Informa Research Services, Inc. Copyright Business Wire 2010 (END) Dow Jones Newswires March 16, 2010 18:05 ET (22:05 GMT)

CHICAGO--(BUSINESS WIRE)--March 16, 2010-- With food safety achieving top-of-mind status for consumers and governments worldwide, the International Federation of Inspection Agencies (IFIA) has formed a global Food Committee to provide collective representation for IFIA member companies to convey their opinions and experience to external parties in support of a common goal, contributing to improvements for global food safety in areas of testing, certification and legislation. Jochen P. Zoller, President of Food Services at Intertek, a leading global provider of quality and safety solutions for a wide range of industries, has been chosen to chair the newly established committee to direct a collaborative vision for best practices in food with contributions from IFIA members across the food industry.

Issues from preventing food-borne illness to managing quality control programs in global food supply chains have been major challenges for the industry as a whole. Consumer awareness has risen as legislative attention rises in many regions for designing a plan of attack for creating appropriate mandates to improve food quality and safety from farm to fork. Comprising organizational members that cover every field of inspection and related testing, the IFIA is an international trade association that's created the standalone Food Committee to address the setbacks being experienced in food services -- a necessary move considering that the food industry currently stands as the largest industry in the world.

Jochen P. Zoller, President of Intertek Food Services, commented brightly on the opportunities the newly designed committee will bring. "I am honored to chair this open forum of major minds in the food industry.

From testing and inspection professionals to farmers, processors, manufacturers, wholesalers, government bodies, stakeholders and end users -- we are a diverse group with the collective aims of understanding the root behind key issues faced today, and to devise best practices in improving implementation of food safety initiatives for the benefit of both businesses and consumers." Prior to joining Intertek, Jochen contributed to advancements in the food testing industry through Chief Executive and Managing Director roles at Genetic ID and TUV, respectively. With a PhD in Chemistry from the Technical University of Munich and an MBA from the UK's Open University Business School, Jochen has honed a dedication and expertise to applying science to enhance business efficiency and quality for the entirety of his career. About Intertek Intertek (ITRK.L) is a leading provider of quality and safety solutions serving a wide range of industries around the world.

From auditing and inspection, to testing, quality assurance and certification, Intertek people are dedicated to adding value to customers' products and processes, supporting their success in the global marketplace. Intertek has the expertise, resources and global reach to support its customers through its network of more than 1,000 laboratories and offices and over 25,000 people in more than 100 countries around the world. CONTACT: Intertek Julie Naujokas, Communications Manager +1-630-481-3114 Julie.naujokas@intertek.com SOURCE: Intertek Copyright Business Wire 2010 (END) Dow Jones Newswires March 16, 2010 17:44 ET (21:44 GMT)

By Jared A. Favole Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--Sen. Herb Kohl (D., Wisc.) is pressing pharmaceutical companies such as GlaxoSmithKline PLC (GSK, GSK.LN), Eli Lilly & Co.

(LLY) and Pfizer Inc. (PFE) to explain why their drugs often cost four times more in the U.S. than in other countries.

Letters from the Special Committee on Aging, which Kohl chairs, ask the chief executives of six pharmaceutical companies with the most-widely prescribed medicines why products such as heartburn pill Nexium, cholesterol drug Lipitor and depression treatment Cymbalta cost U.S. patients so much. AstraZeneca PLC (AZN, AZN.LN), Novartis AG (NVS, NOVN.VX) and Sanofi-Aventis SA (SNY, SAN.FR) also received letters from Kohl.

The letters note that U.S. consumers spend an average of $878 per person on prescription drugs compared with $446 per person in other industrialized countries. AstraZeneca's Nexium, for instance, costs $3.91 in the U.S.

for one dose compared with 88 cents in Germany, according to IMS Health Inc. (RX), a health-information company. Nexium is the second most-widely prescribed medicine in the U.S.

Pfizer's Lipitor costs $2.82 for one dose, compared to $1.83 in Canada and 71 cents in New Zealand. "These differentials are dramatic and often put American consumers at a severe disadvantage globally," Kohl said in the letters, sent Tuesday. Kohl also heads the Senate appropriations subcommittee that oversees the U.S.

Food and Drug Administration's budget. He said the differing prices can't be explained by differences in how the medicines are produced or manufactured. AstraZeneca spokesman Blair Hains said the company received the letter and would respond to Kohl's staff.

He said the majority of U.S. patients with prescription-drug insurance coverage pay on average less than $30 for a month's supply of Nexium. He said AstraZeneca also has a robust program in place to assist patients who struggle to cover the costs of the medicine.

Representatives from the other companies weren't immediately available to comment. The letters come as Congress is making a final push to revamp the U.S. health-care system in the hopes of expanding coverage and lowering costs.

Kohl has supported a variety of moves aimed at lowering drug costs, including allowing the federal government to negotiate drug prices directly with pharmaceutical companies, and letting consumers buy prescription medicines from abroad. The two issues are controversial and are strongly opposed by the drug industry. The programs appear unlikely to be included in final health-care legislation.

The pharmaceutical industry struck a deal in the summer with the White House, saying they would support health-care reform and contribute $80 billion in health-care cost savings over 10 years, in part by lowering some medicines' prices to close a gap in seniors' Medicare coverage. The letters also asks the companies what percentage of their operations are based in the U.S. and how much the companies spend annually on marketing the drugs.

The U.S. is one of the few countries that allows pharmaceutical companies to advertise prescription drugs directly to consumers. Such spending totals about $4 billion a year.

The Senate Special Committee on Aging will hold a hearing on prescription-drug prices Wednesday. The meeting, entitled "Seniors Feeling the Squeeze: Rising Drug Prices and the Part D Program," will probe how prescription-drug costs affect senior citizens. Sen.

Bill Nelson (D., Fla.) will guest-chair the hearing. -By Jared A. Favole, Dow Jones Newswires; 202-862-9207; jared.favole@dowjones.com (END) Dow Jones Newswires March 16, 2010 17:22 ET (21:22 GMT)

The following is a press release from Fitch Ratings: Fitch Ratings-Chicago-16 March 2010: Fitch Ratings has affirmed all Issuer Default Ratings (IDRs), debt and Insurer Financial Strength (IFS) ratings for the Hartford Financial Services Group, Inc. (HFSG) and its primary life and property/casualty insurance subsidiaries. A full rating list is shown below.

The Rating Outlook remains Negative. Today's affirmation follows Fitch's periodic review of HFSG and the company's announcement that it intends to repurchase its $3.4 billion of perpetual preferred stock issued in June 2009 under the U.S. Treasury's Capital Purchase Program (CPP) with $2.4 billion of additional capital expected to be raised in March 2010 and with existing funds.

Overall, Fitch views the replacement of CPP funds with more permanent capital market financing as marginally positive in that it demonstrates an overall improved financial position and increased access to capital markets, although having the CPP capital on hand provided HFSG an additional cushion for near-term uncertainties. However, ultimately, it should favorably reduce the potential negative impact to HFSG's business position, franchise value and management team that are concerns for companies that operate under federal government support and related restrictions. The affirmation reflects HFSG's improved earnings and capitalization, particularly in the property/casualty group where underwriting results continue to be favorable, reduced levels of net unrealized investment losses and sizable levels of holding company cash and financial resources.

The Negative Rating Outlook continues to reflect HFSG's exposure to the volatile credit and investment market conditions, particularly in its life asset portfolio where it has above average credit risk exposure to commercial real estate related investments as well as equity market exposure in its large book of inforce variable annuities with withdrawal benefit guarantees. The life operations received over $2 billion in capital contributions in 2009 to support its statutory capital levels. If the company suffers additional significant losses, the ratings could be downgraded.

However, if the company is able to improve its life earnings and generate internal capital growth in the life operations, the Outlook could return to Stable. The Negative Outlook also reflects the potential in Fitch's view for the property/casualty insurance operations to fund the capital needs of the holding company and life insurance subsidiaries, although in 2009 the property/casualty company did not provide any capital to the life operations, following $1 billion of support in 2008. HFSG posted GAAP net income of $557 million in the fourth quarter of 2009, following five consecutive quarters of net losses.

However, the company still reported a net loss of $887 million for the full year 2009, which included $2 billion of net realized losses (before-tax), driven by $1.5 billion of other-than-temporary impairment (OTTI) losses (before-tax). Furthermore, HFSG still has a sizable net unrealized loss position of $5 billion ($4.1 billion in life; $858 million in property/casualty) at Dec. 31, 2009, although this is significantly improved from $13.2 billion at year-end 2008.

The unrealized losses reflect HFSG's exposure to commercial mortgage backed securities (CMBS), collateralized debt obligations (CDOs), investments in the financial services sector and sub-prime residential mortgage-backed securities (RMBS). Favorably, HFSG's shareholders' equity increased to $17.9 billion at Dec. 31, 2009 from $9.3 billion at year-end 2008 due to the $3.4 billion CPP, $4.2 billion decrease in accumulated other comprehensive income (AOCI) losses and $900 million common stock issuance in August 2009.

As a result, HFSG's equity credit adjusted debt-to-total capital ratio (including AOCI) improved significantly to 19.2% at Dec. 31, 2009, down from 31.7% at Dec. 31, 2008.

Following the expected $3.05 billion capital issuance (including $675 million of debt to pre-fund maturities through 2012) and redemption of CPP, pro forma debt-to-total-capital increases to 24.2%, but remains below Fitch's expected range of 25%-30%. Fitch also expects HFSG to maintain GAAP operating earnings interest coverage of at least 3 times (x)-5x. HFSG maintains financial flexibility with approximately $2.2 billion in holding company cash, fixed maturities and short-term investments at year-end 2009, and expects to have in excess of $1.8 billion following completion of the capital raise and CPP redemption, in addition to a $1.9 billion revolving credit facility and a $500 million contingent capital facility.

Fitch has affirmed the following ratings with a Negative Rating Outlook: Hartford Financial Services Group, Inc. --Long-Term IDR at 'BBB'; --$275 million 7.9% notes due 2010 at 'BBB-'; --$400 million 5.25% notes due 2011 at 'BBB-'; --$320 million 4.625% notes due 2013 at 'BBB-'; --$199 million 4.75% notes due 2014 at 'BBB-'; --$200 million 7.3% notes due 2015 at 'BBB-'; --$300 million 5.5% notes due 2016 at 'BBB-'; --$499 million 5.375% notes due 2017 at 'BBB-'; --$500 million 6.3% notes due 2018 at 'BBB-'; --$499 million 6% notes due 2019 at 'BBB-'; --$298 million 5.95% notes due 2036 at 'BBB-'; --$323 million 6.1% notes due 2041 at 'BBB-'; --$500 million 8.125% junior subordinated debentures due 2068 at 'BB'; --$1.75 billion 10% junior subordinated debentures due 2068 at 'BB'; --$3.4 billion perpetual preferred stock at 'BB'; --Short-term IDR at 'F2'; --Commercial paper at 'F2'. Hartford Life, Inc.

--Long-term IDR at 'BBB'; --$149 million 7.65% notes due 2027 at 'BBB-'; --$92 million 7.375% notes due 2031 at 'BBB-'; --Short-term IDR at 'F2'. Hartford Life Global Funding --Secured notes program at 'A-'. Hartford Life Institutional Funding --Secured notes program at 'A-'.

Hartford Life and Accident Insurance Company --IFS at 'A-'. Hartford Life Insurance Company --IFS at 'A-'; --Medium-term note program at 'BBB+'. Hartford Life and Annuity Insurance Company --IFS at 'A-'.

Members of the Hartford Fire Insurance Intercompany Pool: Hartford Fire Insurance Company Nutmeg Insurance Company Hartford Accident & Indemnity Company Hartford Casualty Insurance Company Twin City Fire Insurance Company Pacific Insurance Company, Limited Property and Casualty Insurance Company of Hartford Sentinel Insurance Company, Ltd. Hartford Insurance Company of Illinois Hartford Insurance Company of the Midwest Hartford Underwriters Insurance Company Hartford Insurance Company of the Southeast Hartford Lloyd's Insurance Company Trumbull Insurance Company --IFS at 'A+'. Applicable criteria available on Fitch's web site at 'www.fitchratings.com' include: --'Insurance Rating Methodology' (Dec.

29, 2009); --'Non-Life Insurance Rating Criteria' (March 2, 2007); --'Life Insurance Rating Criteria' (March 2, 2007). Contact: Brian C. Schneider, CPA, CPCU, +1-312-606-2321 or R.

Andrew Davidson, CFA +1-312-368-3144, Chicago; or Gregory W. Dickerson +1-212-908-0220, New York. Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com.

Additional information is available at 'www.fitchratings.com'. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.

IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

(END) Dow Jones Newswires March 16, 2010 17:03 ET (21:03 GMT)

By Fabio Alves Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--The dollar slumped against its rivals Tuesday after the Federal Reserve delivered a cautious assessment of the U.S. economic recovery, discouraging hopes it will raise interest rates anytime soon. The euro, which had already rallied against the dollar as ratings agency Standard & Poor's eased jitters over fiscally strapped Greece, extended its gains after the Federal Open Market Committee affirmed its pledge to keep interest rates low for an "extended period." The U.K.

pound gained 1.33% on the day, while the yen reversed direction and moved into positive territory after the FOMC's rate decision and statement. The Canadian dollar hit a series of 20-month highs after the Fed meeting, with the U.S. currency dropping 0.54% since late Monday.

At C$1.0139 late afternoon, the U.S. dollar is moving perilously close to parity with its Canadian counterpart. The Fed's decision lays the groundwork for further dollar weakness, not least because it comes as broader concerns about European sovereign debt, which have been a key weight on the euro, have eased.

"Once again expectations for the removal of the 'extended period' language have been dashed," said Andrew Wilkinson, senior market analyst at Interactive Brokers at Greenwich, Conn. "[The statement] was a bit of a shocker for anybody who's looking at the data and thought that [the economy] was getting a little bit better," Wilkinson said. Even as Kansas City Fed President Thomas Hoenig dissented against the rate decision once again, believing the extended-period pledge could create problems for the Fed down the road, the outcome of the FOMC's meeting was "disappointing for the dollar," Wilkinson said.

Despite noting that the labor market is stabilizing, the FOMC said policy makers continue to expect price pressures to be slow to build. "The combination of stable inflation expectations, minimal signs of pricing pressure and a reluctance to add to payrolls leaves only minimal pressure on the Fed to begin to tighten monetary policy," said Camilla Sutton, a currency strategist at Scotia Capital in Toronto. Late afternoon Tuesday, the euro was at $1.3776 from $1.3670 late Monday, according to EBS via CQG.

The dollar was at Y90.22 from Y90.48, while the euro was at Y124.31 from Y123.69. The U.K. pound was at $1.5256 from $1.5049.

The dollar was at CHF1.0543 from CHF1.0625. The ICE Dollar Index, which tracks the U.S. currency against a trade-weighted basket of currencies, was at 79.661 from 80.255.

As a result, Deutsche Bank's PowerShares U.S. Dollar Index Bearish exchange-traded fund was up 0.75% from late Monday, while its PowerShares U.S. Dollar Index Bullish was down 0.68%.

The two exchange-traded funds are based on Deutsche Bank currency futures indexes, whose composition mirrors that of ICE's Dollar Index. To see the euro's moves against the dollar, please see chart at: http://www.dowjoneswebservices.com/chart/view/3650 Demand for the euro began early Tuesday when S&P said it had taken the stressed Greece's sovereign debt off its ratings watch. The move "adds more calm to the situation," even if there's "nothing on paper yet" in terms of a bailout for debt-laden Greece," said Jacob Oubina, currency strategist at Forex.com in Bedminster, N.J.

Standard & Poor's warned last month that it was considering a downgrade by up to two notches, after that nation's government announced plans to reduce its deficit. Credit analyst Marko Mrsnik said the Greek government's fiscal consolidation program was supportive of the nation's current BBB+ long-term sovereign-credit rating, which is three notches into investment-grade territory. S&P said the government's reduction measures were "appropriate to achieve its 2010 fiscal target." But S&P slapped Greece with a negative outlook, meaning future downgrades are possible, reflecting concern about Greece's ability to sustain reform momentum in the medium term.

"It indicates further downgrade potential if the government fails to address negative deviations from its budgetary consolidation path or implement the currently planned structural reforms," Mrsnik said. Meanwhile, investors will now be eyeing the end of the Bank of Japan's two-day rate-setting meeting on Wednesday. The expectation is for the Japanese central bank to keep monetary policy loose to fight deflation, or the persistent decline in consumer prices.

"The Bank of Japan has its own monetary-policy meeting...and there is a good chance that they could increase Quantitative Easing," said Kathy Lien, director of currency research at GFT Forex in New York. -By Fabio Alves, Dow Jones Newswires; 212-416-2204; fabio.alves@dowjones.com (Bradley Davis contributed to this article.) (END) Dow Jones Newswires March 16, 2010 16:10 ET (20:10 GMT)

By Anita Likus Of DOW JONES NEWSWIRES CANNES, France (Dow Jones)--Europe's largest listed industrial landlord, Segro PLC (SEGXF, SGRO.LN) will resume talks with airport operator BAA Ltd. to buy warehouses and offices around London's Heathrow airport, a person close to the deal said on Tuesday. The person said the gross value of the company is GBP520 million but that Segro would only pay below GBP250 million, for the 50% share it wants.

Segro has been in talks to buy BAA's half stake in a joint venture company with Aviva Investors but talks have broken down as the vendor requested a price, which was too high for Segro. But BAA will come back to Segro with a lower offer next week, the person added. The deal also includes debt, 50% of the price, provided by German real estate finance provider Eurohypo AG at 80 basis points above the London Interbank Offered Rate, which is very attractive as industrial real estate debt is currently provided at around 280 basis points above Libor.

The space would give Segro a great advantage and add to its strong, core portfolio around Heathrow. By Anita Likus, Dow Jones Newswires; +44-20-7842-9407; anita.likus@dowjones.com (END) Dow Jones Newswires March 16, 2010 16:07 ET (20:07 GMT)

BUENOS AIRES (Dow Jones)--The ratings and outlook for Argentina's Pan American Energy won't be affected by plans by China's Cnooc Ltd. (CEO, 0883.HK) to buy an indirect stake in the South American company, the ratings agency Standard & Poor's said Tuesday. "Our ratings on PAE do not incorporate any credit enhancement derived from potential parent support," S&P said in a statement.

"At this point, we are not expecting the new ownership structure to result in any major shift in PAE's financial policies." The Chinese oil giant plans to buy a 50% stake in Argentina's Bridas Corp., which in turn owns 40% of Pan American, or PAE. That will give Cnooc a 20% indirect stake in PAE, Argentina's fastest-growing oil and gas company. The U.K.'s BP PLC (BP, BP.LN) owns the other 60% of PAE.

Cnooc has said it will pay $3.1 billion for the stake. -By Taos Turner, Dow Jones Newswires; 5411-4103-6728; taos.turner@dowjones.com (END) Dow Jones Newswires March 16, 2010 15:56 ET (19:56 GMT)

New Look North American Executive Committee for Tullett Prebon NEW YORK--(BUSINESS WIRE)--March 16, 2010-- Tullett Prebon announces management appointments in its Americas' business, and a new look Americas Executive Committee. Chaired by Marcus Bolton, Chief Executive Officer of the Americas, Tullett Prebon's Americas Executive Committee now comprises the eight business line heads responsible for running the Company's voice and electronic business across the Americas, together with the regional head of the Finance department and Company's General Counsel in the Americas. Promotions and appointments to the Americas Executive Committee, and new responsibilities -- Neil Tullett: Appointed Senior Managing Director responsible for the Treasury Products division.

Neil will return to New York from Asia where since July 2007, he has been responsible for the Company's Australian business and more recently the Hong Kong office. He will take up this appointment in June this year. -- Richard Higgs: Remains Senior Managing Director but with a new responsibility for the Company's Emerging Markets business in both North America and on-shore South America.

Focusing responsibility for the Emerging Market's business in one Senior Managing Director reflects the increasing importance of South America to the Company and anticipates the completion of its acquisition of Convencao in Brazil. -- Tom Bovitz: Appointed Senior Managing Director responsible for the Cash Equities and Equity Derivatives division. Tom was previously the manager of the Equity Derivatives desk.

-- Craig Sutter: Remains Senior Managing Director but will expand his role by assuming responsibility for the Rates division in North America. He will retain responsibility for the Volatility business excluding Equities. -- Henry Ann: Remains Senior Managing Director, now responsible for the Mortgages business and the Company's office in Toronto, Canada.

Existing members of the Americas Executive Committee -- Andrew Polydor: Managing Director and Global Head of Energy and Commodities. -- Mike Giordano: Senior Managing Director. He returned to Tullett Prebon in December 2009 after an absence of three years.

Previously he served on the Americas Executive Committee in connection with his responsibilities in Credit. -- Shawn Bernardo: Managing Director for E-Broking with responsibility for electronic broking in the Americas. -- Christian Pezeu: Chief Financial Officer responsible for the finance and operations functions in the Americas.

-- Stephen Goulet: Senior Managing Director and General Counsel responsible for the legal, compliance and human resources functions in the Americas. In addition to the above appointments Jimmy Shand is appointed Managing Director and he will be responsible for US Treasuries and Agencies. He will report to Craig Sutter.

Commenting on the appointments, Marcus Bolton, Chief Executive of Tullett Prebon's North American business "The new management team that we have announced today will provide the foundation we need to continue to grow our business throughout the Americas, and to further capitalize on the good start the business has made to 2010". Notes to editors Tullett Prebon Tullett Prebon (www.tullettprebon.com) is one of the world's largest inter-dealer brokers and operates as an intermediary in wholesale financial markets facilitating the trading activities of its clients, in particular commercial and investment banks. The business now covers seven major product groups: Volatility, Rates, Non Banking & Sterling Cash, Treasury, Energy, Credit, Environmental and Equities.

Tullett Prebon's Electronic Broking division offers electronic solutions to these products. In addition to its brokerage services, Tullett Prebon offers a variety of market information services through its IDB Market Data division, Tullett Prebon Information. Tullett Prebon has its principal offices in London, New Jersey, Hong Kong, Singapore and Tokyo, with other offices, joint ventures and affiliates in Bahrain, Bangkok, Calgary, Frankfurt, Jakarta, Luxembourg, Manila, Mumbai, Paris, Salt Lake City, Seoul, Shanghai, Sydney, Toronto, Warsaw and Zurich.

CONTACT: In the UK: M:Communications Charlotte Kirkham +44 (0)20 7920 2331 or In the U.S.: WT Blase & Associates, Inc. Bill Blase, Stephanie Kuffner 212-221-1079 info@wtblase.com SOURCE: Tullett Prebon Copyright Business Wire 2010 Order free Annual Report for Tullett Prebon PLC Visit http://djnweurope.ar.wilink.com/?ticker=GB00B1H0DZ51 or call +44 (0)208 391 6028 (END) Dow Jones Newswires March 16, 2010 15:54 ET (19:54 GMT)

By Ian Talley Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--Senior White House and Obama administration officials say they are worried the nation's economic recovery could stall if Congress doesn't pass a climate bill this year. The officials warn that investors are so uncertain about the future cost of emitting greenhouse gases that they are sitting on capital rather than pouring it into "clean" technology, new power plants or energy-intensive manufacturing. The administration has for months been moving away from advocating climate legislation primarily as an environmental issue and toward a jobs-creation argument.

But the comments are a marked shift to a stronger rhetoric: fears of prolonging the recession. The White House says spurring "clean," or low-greenhouse-gas-emitting energy, can help lay the foundation for the 21st-century U.S. economy.

"Right now there's a lot of money on the sidelines," said Energy Secretary Steven Chu. "Capital on hold means investments not being made, investments not being made means jobs not being created," he said at an Export-Import Bank conference last week. Companies that could capitalize on a carbon-constrained economy, such as General Electric Co.

(GE), Alstom SA (ALO.FR), Areva (CEI.FR), Babcock & Wilcox, a unit of McDermott International (MDR), Siemens AG (SI), Chesapeake Energy Corp (CHK) and First Solar Inc. (FSLR), say policy clarity will focus investment. So do emitting businesses that will need to adapt, such as American Electric Power Co.

(AEP) and BP PLC (BP). Ambiguity, however, breeds risk, which begets financiers' reluctance. The White House is attempting to revive legislation that would effectively curb emissions of greenhouse gases such as carbon dioxide.

A bill that passed the House last year stalled in the Senate, and the administration is working to pump life into alternative proposals. However, many lawmakers, officials and pundits say the prospects for a climate bill this year are increasingly dim. Meanwhile, the Environmental Protection Agency is moving ahead with regulations to cut greenhouse gases under existing law, regulation that industry fears is too blunt and may damage the economy.

But without certainty on how--and how much--greenhouse gases will be curbed, the energy industry has little idea how to factor the potential price of carbon into their cost expectations or even demand. It cuts both ways: Financiers are wary of investing both in conventional as well as new technology. "The economic team ...

is very concerned about the chilling effect on investment of not having legislation," said Joseph Aldy, special assistant to the president for energy and environment, at an event here last week. The ambiguity of how EPA regulations will affect industry is exacerbating the investment problem, he said. The EPA has said it would delay regulation of the largest emitters, planning to phase in other sources later.

The regulations are expected to be challenged, and it's unclear if, like rules for air pollutants such as sulfur dioxide, they will later be discarded. "There's significant concern that as we're trying to get the economy up and going again, that this kind of uncertainty may stall things some," Aldy said. Kevin Walsh, managing director of power and renewable energy at GE Energy Financial Services, said the financing community is "grappling for a steady footing to invest" under policy confusion.

Legislation or regulation that puts a price on carbon would be a "shot in the arm" for the low-emitting energy industries. But the failure of lawmakers to pass a low-carbon electricity standard--tied up in the politics of the climate bill--is also arresting investment. Conventional energy sectors are also affected.

Although Congress is increasingly unlikely to pass a climate bill this year, the Energy Information Administration has lowered its forecast for new coal-fired power plants based on a future carbon price risk. The EIA historically bases its long-term forecasts only on existing laws, but this year it factored in a three-percentage point rise in the cost of capital for coal-fired power plants based on the "implicit hurdle" of potential policy. Senior officials at both American Electric Power and BP have said the planned EPA greenhouse-gas regulations may delay refinery plant modifications and accelerate coal-fired power plant closures.

For example, Bruce Braine, head of strategic policy analysis at American Electric Power, said the Clean Air Act rules are "going to be litigated like crazy." Without certainty on the rules or flexibility to use market-based programs, many companies are likely to wait for the courts before making modifications, including those that would improve pollution controls. The White House is also concerned that without the climate bill spur, the U.S. may lose capital and competition for clean energy to countries in Europe and Asia, particularly China.

"People need to realize this is a global market for our capital," GE's Walsh said. "Our money is going to go where we see long-term certainty ... and if Europe has a better framework, that's where our money's going to go," he said.

-By Ian Talley, Dow Jones Newswires; (202) 862 9285; ian.talley@dowjones.com; (END) Dow Jones Newswires March 16, 2010 15:53 ET (19:53 GMT)

The following is a press release from Moody's Investors Service: UK Prime RMBS Indices -- January 2010 London, 16 March 2010 -- Substitute "Northern Rock Asset Management" to "Northern Rock plc" in second paragraph. Revised release follows. The performance of the UK prime residential mortgage-backed securities (RMBS) market continued its stable trend lines during January 2010, according to the latest indices published by Moody's Investors Service.

Moody's repossessions trend was 0.06% in January 2010 a decrease from 0.07% since September 2009 and a further decrease from the peak of 0.12% experienced in November 2008. The 90-days plus delinquency trend was stable at 1.9% in January. This trend has been stable at around 1.9% since peaking at 2.1% in August 2009.

Moody's cumulative losses trend also remained stable at 0.11%, a level that it has maintained since August. Moody's annualised total redemption rate (TRR) trend decreased to 11.3% in January from 13.7% in December. No new UK Prime RMBS transactions were issued in December following the recent boost to the sector from public placements out of the Permanent and Silverstone Master Trust programs.

However, the new year began with the first publicly rated securitisation from the newly created Northern Rock plc. Gosforth Funding plc issued GBP2 billion of debt securities backed by prime UK residential mortgages on 27 January 2010. The average house price in the UK fell in February 2010 by 1.5% month-on-month according to the Halifax house price index, following seven consecutive months of increases.

Similarly the Nationwide house price index decreased by 1% in February after rising for the previous nine months. On a year-ago basis, the Halifax house price index was 4.5% and Nationwide index was 9.2% higher than in February 2009. Moody's Economy.com expects the downturn in UK property prices to continue in coming months and extend into 2011 against tight credit conditions and high unemployment.

The UK economy expanded by 0.3% in Q4 2009 having contracted for the previous six consecutive quarters. In annual terms UK GDP was 3.3% smaller in the three months ending December 2009 compared to December 2008. Moody's Economy.com expects the UK economy to grow by 1.1% in 2010, noting, however, that the risk of a double-dip recession remains prominent as fiscal support is withdrawn.

In view of the slow recovery, the monetary policy is expected to remain accommodative for most of 2010 and thus households will continue to benefit form a low interest rate environment which in turn will contain the number of home repossessions. The unemployment rate remained unchanged at 7.8% in December compared to the previous quarter. Moody's outlook for UK Prime RMBS is negative (see the report "EMEA ABS & RMBS: 2009 Review & 2010 Outlook ", January 2010).

Given the intrinsic strength of the master trust structures, rating implications are limited despite the deterioration in performance. As of January 2010, the total outstanding pool balance in the UK Prime RMBS market was GBP357.4 billion, which constitutes a year-on-year increase of 12.3%. Moody's monthly indices are published mid-month and can be found on www.moodys.com in the Structured Finance sub-directory under the Research & Ratings tab, under the Structured Indices sub-category of Industry/Sector Research.

http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF197464 In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck. Copyright 2010 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S").

All rights reserved. CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, INC.'S ("MIS") CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT.

CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS DO NOT CONSTITUTE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS ARE NOT RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES.

CREDIT RATINGS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MIS ISSUES ITS CREDIT RATINGS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information.

The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations - Corporate Governance - Director and Shareholder Affiliation Policy." Any publication into Australia of this Document is by Moody's affiliate Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no.

336969. This document is intended to be provided only to wholesale clients (within the meaning of section 761G of the Corporations Act 2001). By continuing to access this Document from within Australia, you represent to Moody's and its affiliates that you are, or are accessing the Document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this Document or its contents to retail clients (within the meaning of section 761G of the Corporations Act 2001).

(END) Dow Jones Newswires March 16, 2010 15:41 ET (19:41 GMT)

The following is a press release from Standard & Poor's: OVERVIEW -- We reviewed 38 U.S. RMBS transactions issued between 2005-2007 backed by U.S. Alternative-A mortgage loan collateral.

Group 4 from American Home Mortgage Investment Trust 2006-2 is backed by closed-end second-lien mortgage loan collateral. -- We lowered our ratings on 193 classes from 26 of the transactions and removed 60 of the lowered ratings from CreditWatch negative. -- We affirmed our ratings on 213 classes from 18 of the downgraded transactions and 12 additional transactions, and removed 27 of the affirmed ratings from CreditWatch negative.

-- The downgrades reflect our belief that credit enhancement for the affected classes will be insufficient to cover projected losses due to increased delinquencies. NEW YORK (Standard & Poor's) March 16, 2010--Standard & Poor's Ratings Services today lowered its ratings on 193 classes from 26 residential mortgage-backed securities (RMBS) transactions issued between 2005 and 2007 and removed 60 of the ratings from CreditWatch with negative implications. In addition, we affirmed our ratings on 213 classes from 18 of the downgraded transactions and 12 additional transactions, and removed 27 of the affirmed ratings from CreditWatch negative (see list).

All of these transactions are backed by U.S. Alternative-A (Alt-A) mortgage collateral; however, group 4 from American Home Mortgage Investment Trust 2006-2 is backed by closed-end second-lien mortgage loan collateral. Standard & Poor's has established revised loss projections for each transaction rated between 2005 and 2007.

We derived these losses using the criteria that we outlined in "Standard & Poor's Revises U.S. Subprime And Alternative-A RMBS Loss Assumptions For Transactions Issued In 2005, 2006, And 2007," published July 6, 2009, as well as in "Revised Lifetime Loss Projections For U.S. Closed-End Second-Lien And HELOC RMBS Transactions Issued In 2005, 2006, And 2007," published Dec.

21, 2009. The downgrades reflect our opinion that projected credit support for the affected classes is insufficient to maintain the previous ratings, given our current projected losses in light of increased delinquencies. To assess the creditworthiness of each class, we reviewed the individual delinquency and loss trends of each transaction for changes, if any, in risk characteristics, servicing, and the ability to withstand additional credit deterioration.

In order to maintain a 'B' rating on a class, we assessed whether, in our view, a class could absorb the base-case loss assumptions we used in our analysis. In order to maintain a rating higher than 'B', we assessed whether a class could withstand losses exceeding our base-case loss assumptions at a percentage specific to each rating category, up to 150% for an 'AAA' rating. For example, in general, we would assess whether one class could withstand approximately 110% of our base-case loss assumptions to maintain a 'BB' rating, while we would assess whether a different class could withstand approximately 120% of our base-case loss assumptions to maintain a 'BBB' rating.

Each class with an affirmed 'AAA' rating can, in our view, withstand approximately 150% of our base-case loss assumptions under our analysis. The affirmed ratings reflect our belief that the amount of credit enhancement available for these classes is sufficient to cover losses associated with these rating levels. Subordination provides credit support for the affected transactions.

In addition, some classes also benefit from overcollateralization (prior to its depletion) and excess spread. The underlying pool of loans backing these transactions consists of fixed- and adjustable-rate U.S. Alt-A and closed-end second-lien loans secured by first and second liens on one- to four-family residential properties.

RELATED RESEARCH -- "Revised Lifetime Loss Projections For U.S. Closed-End Second-Lien And HELOC RMBS Transactions Issued In 2005, 2006, And 2007," published Dec. 21, 2009.

-- "Standard & Poor's Revises U.S. Subprime And Alternative-A RMBS Loss Assumptions For Transactions Issued In 2005, 2006, And 2007," published July 6, 2009. -- "Principles-Based Rating Methodology For Global Structured Finance Securities," published May 29, 2007.

RATING ACTIONS American Home Mortgage Investment Trust 2006-2 Series 2006-2 Rating Class CUSIP To From I-A-2 02660YAL6 CCC AAA/Watch Neg I-A-3 02660YAM4 CCC AAA/Watch Neg I-A-4 02660YAN2 CC AAA/Watch Neg I-M-1 02660YAY8 D AA+/Watch Neg II-A-1B 02660YAQ5 CCC AAA/Watch Neg II-A-1C 02660YAR3 CCC AAA/Watch Neg II-A-2 02660YAS1 CCC AAA/Watch Neg III-A-1 02660YAT9 CCC AAA/Watch Neg III-A-2 02660YAU6 CCC AAA/Watch Neg III-A-3 02660YAV4 CCC AAA/Watch Neg III-A-4 02660YAW2 CCC AAA/Watch Neg III-A-5 02660YAX0 CCC AAA/Watch Neg IV-A 02660YAB8 CCC B Banc of America Funding 2007-3 Trust Series 2007-3 Rating Class CUSIP To From 3-A-2 059515BC9 A AAA/Watch Neg 3-A-3 059515BD7 A AAA/Watch Neg Bear Stearns Mortgage Funding Grantor Trust 2007-AR5 Series 2007-AR5 Rating Class CUSIP To From I-A-1B 07400NAB6 B+ B+/Watch Neg Bear Stearns Mortgage Funding Trust 2007-AR4 Series 2007-AR4 Rating Class CUSIP To From I-A-1 07401YAA3 CCC B/Watch Neg I-X-1 07401YAD7 CCC B/Watch Neg I-X-2 07401YAE5 CCC B/Watch Neg CHL Mortgage Pass-Through Trust 2005-HYB8 Series 2005-HYB8 Rating Class CUSIP To From 1-A-1 126694QE1 CCC BB/Watch Neg 3-A-1 126694QG6 BBB+ AAA/Watch Neg I-M 126694QR2 CC CCC 4-A-1 126694QJ0 B- B+/Watch Neg CHL Mortgage Pass-Through Trust 2006-HYB5 Series 2006-HYB5 Rating Class CUSIP To From 1-A-1 170256AA9 CC CCC 1-A-IO 170256AC5 CC CCC CSMC Mortgage-Backed Trust 2007-3 Series 2007-3 Rating Class CUSIP To From 1-A-4 12638PAG4 AAA AAA/Watch Neg 1-A-5 12638PAH2 AAA AAA/Watch Neg DSLA Mortgage Loan Trust 2006-AR2 Series 2006-AR2 Rating Class CUSIP To From 1A-1A 23332QAA1 BB BB/Watch Neg 2A-1A 23332QAC7 BB+ BB+/Watch Neg 2A-1B1 23332QAD5 AAA AAA/Watch Neg GMACM Mortgage Loan Trust 2005-AF2 Series 2005-AF2 Rating Class CUSIP To From A-1 36185MDB5 CC CCC A-2 36185MDC3 CC CCC PO 36185MDD1 CC CCC IO 36185MDE9 CC CCC GreenPoint Mortgage Funding Trust 2006-AR3 Series 2006-AR3 Rating Class CUSIP To From I-A 39538WGZ5 D CC II-A-1 39538WHA9 BB BB/Watch Neg III-A-1 39538WHC5 CC CCC III-A-2 39538WHD3 D CC III-A-3 39538WHE1 D CC IV-A-1 39538WHF8 BBB- BBB-/Watch Neg IV-A-2 39538WHG6 CC CCC IV-A-3 39538WHH4 D CC IV-X 39538WHJ0 BBB- BBB-/Watch Neg Harborview Mortgage Loan Trust 2005-15 Series 2005-15 Rating Class CUSIP To From 1-A1B 41161PXG3 CC CCC 2-A1A1 41161PXH1 CCC A/Watch Neg 2-A1A2 41161PXJ7 CCC A/Watch Neg 2-A1B 41161PXK4 CCC B-/Watch Neg 2-A1C 41161PXL2 CC CCC 3-A1C 41161PXQ1 CC CCC X-2 41161PXS7 CCC A/Watch Neg X-B 41161PXV0 CC CCC B-1 41161PYC1 CC CCC HarborView Mortgage Loan Trust 2006-10 Series 2006-10 Rating Class CUSIP To From 1A-1B 41162CAB7 AAA AAA/Watch Neg 2A-1A 41162CAC5 CCC B-/Watch Neg 2A-1C 41162CAE1 AAA AAA/Watch Neg HarborView Mortgage Loan Trust 2006-7 Series 2006-7 Rating Class CUSIP To From 1A 41161VAA8 D CCC 2A-1C 41161VAE0 CC CCC IndyMac INDX Mortgage Loan Trust 2006-AR2 Series 2006-AR2 Rating Class CUSIP To From 1-A-1A 45661EAA2 B AAA/Watch Neg 1-A-1B 45661EAB0 B AAA/Watch Neg 1-A-2 45661EAC8 CC B/Watch Neg 1-A-3A 45661EAD6 CC B-/Watch Neg 1-A-3B 45661EAE4 CC A/Watch Neg 2-A-1 45661EAF1 BB BB/Watch Neg 2-A-2 45661EAG9 CC A/Watch Neg IndyMac INDX Mortgage Loan Trust 2007-AR21IP Series 2007-AR21IP Rating Class CUSIP To From 1-A-1 45670BAA7 BBB AAA/Watch Neg 10-A-1 45670BAU3 CC CCC Lehman Mortgage Trust 2006-7 Series 2006-7 Rating Class CUSIP To From 1A1 52520QAA2 CC CCC 1A4 52520QAD6 CC CCC 1A5 52520QAE4 CC CCC 1A6 52520QAF1 CC CCC 1A7 52520QAG9 CC CCC 1A8 52520QAH7 CC CCC 1A9 52520QAJ3 CC CCC 1A10 52520QAK0 CC CCC 2A1 52520QAL8 CC CCC 2A2 52520QAM6 CC CCC 2A3 52520QAN4 CC CCC 2A4 52520QAP9 CC CCC 2A5 52520QAQ7 CC CCC 2A6 52520QAR5 CC CCC 2A7 52520QAS3 CC CCC 2A8 52520QAT1 CC CCC 2A9 52520QAU8 CC CCC 2A10 52520QAV6 CC CCC 2 A11 52520QAW4 CC CCC 3A1 52520QAX2 CC CCC 3A2 52520QAY0 CC CCC 3A3 52520QAZ7 CC CCC 3A4 52520QBA1 CC CCC 3A5 52520QBB9 CC CCC 3A6 52520QBC7 CC CCC 3A7 52520QBD5 CC CCC 4A1 52520QBE3 CC CCC 4A2 52520QBF0 CC CCC 5A1 52520QBG8 CC CCC 5A3 52520QBJ2 CC CCC 5A5 52520QBL7 CC CCC 5A7 52520QBN3 CC CCC 5A8 52520QBP8 CC CCC AP 52520QBQ6 D CC Lehman Mortgage Trust 2007-10 Series 2007-10 Rating Class CUSIP To From 1-A1 52522QAA0 CCC AA 2-A1 52522QAD4 CCC A- 2-A2 52522QAE2 CCC AAA 2-A9 52522QBW1 CCC A- 2-A10 52522QBX9 CCC A- 2-A11 52522QBY7 CCC A- 2-A12 52522QBZ4 CCC A- AX1 52522QBE1 CCC AA 3-A3 52522QAP7 CC CCC 3-A9 52522QAV4 CC CCC AP2 52522QBC5 CC CCC AP3 52522QBD3 CC CCC AP4 52522QCE0 CC CCC Lehman Mortgage Trust 2007-2 Series 2007-2 Rating Class CUSIP To From B-I01 52521DAT9 CC CCC Lehman Mortgage Trust 2007-4 Series 2007-4 Rating Class CUSIP To From 1-A1 52521LAA2 CC CCC 1-A2 52521LAB0 CC CCC 1-A3 52521LAC8 CC CCC 2-A2 52521LAF1 CC CCC 2-A4 52521LAH7 CC CCC 2-A5 52521LAJ3 CC CCC 2-A6 52521LAK0 CC CCC 2-A7 52521LAL8 CC CCC 2-A8 52521LAM6 CC CCC 2A-9 52521LAN4 CC CCC 2-A10 52521LAP9 CC CCC 2-A11 52521LAQ7 CC CCC 2-A12 52521LAR5 CC CCC 2-A18 52521LAX2 CC CCC 2-A20 52521LAZ7 CC CCC 3-A1 52521LBD5 CC CCC 3-A2 52521LBE3 CC CCC 3-A4 52521LBU7 CC CCC 3-A5 52521LBV5 CC CCC 3-A6 52521LBW3 CC CCC 3-A7 52521LBX1 CC CCC 3-A8 52521LBY9 CC CCC 3-A9 52521LBZ6 CC CCC AX 52521LBJ2 CC CCC Lehman XS Trust 2007-6 Series 2007-6 Rating Class CUSIP To From 3-A1 52524PAG7 CC BBB/Watch Neg 3-A2 52524PAH5 CC BBB/Watch Neg 3-A3-1 52524PAY8 CC BBB/Watch Neg 3-A3-2 52524PAZ5 CC BBB/Watch Neg 3-A3-3 52524PBA9 CC BBB/Watch Neg 3-A4 52524PAK8 CC BBB/Watch Neg 3-A5 52524PAL6 CC BBB/Watch Neg 3-A6 52524PAM4 CCC AAA/Watch Neg 3-A7 52524PAN2 CC BBB/Watch Neg 3-AIO 52524PAP7 CC AA/Watch Neg II-M1 52524PAT9 CC CCC II-M2 52524PAU6 D CCC MASTR Adjustable Rate Mortgages Trust 2007-3 Series 2007-3 Rating Class CUSIP To From 1-1A1 57645NAA8 CCC B/Watch Neg 1-1A2 57645NAB6 AAA AAA/Watch Neg 1-2A1 57645NAC4 CCC B/Watch Neg 1-2A2 57645NAD2 AAA AAA/Watch Neg 2-1A1 57645NAM2 CCC B/Watch Neg 2-1A2 57645NAN0 AAA AAA/Watch Neg 2-2A3 57645NAR1 AAA AAA/Watch Neg 2-2A6 57645NAU4 AAA AAA/Watch Neg 2-M1 57645NAW0 CC CCC 2-M2 57645NAX8 CC CCC 2-M3 57645NAY6 CC CCC 2-M4 57645NAZ3 D CCC MASTR Alternative Loan Trust 2007-HF1 Series 2007-HF1 Rating Class CUSIP To From 1-A-1 55291YAA5 CC CCC 1-A-2 55291YAB3 CC CCC 2-A-1 55291YAC1 CC CCC 2-A-2 55291YAD9 CC CCC 3-A-1 55291YAE7 CC CCC 3-A-2 55291YAF4 CC CCC 4-A-1 55291YAG2 CC CCC 4-A-2 55291YAH0 CC CCC 4-A-3 55291YAJ6 CC CCC 4-A-4 55291YAK3 CC CCC 5-A-1 55291YAL1 CC CCC 4-PO 55291YAN7 CC CCC 4-AX 55291YAP2 CC CCC 2-A-3 55291YBD8 CC CCC 4-A-5 55291YBE6 CC CCC 4-A-6 55291YBF3 CC CCC 4-A-7 55291YBG1 CC CCC Morgan Stanley Mortgage Loan Trust 2007-8XS Series 2007-8XS Rating Class CUSIP To From A-1-W 61754PAB0 BB+ BB+/Watch Neg A-3-W 61754PAD6 BB+ BB+/Watch Neg Nomura Asset Acceptance Corporation, Alternative Loan Trust Series 2007-1 Series 2007-1 Rating Class CUSIP To From I-A-1A 65538PAA6 CC CCC I-A-IB 65538PAB4 CC CCC I-A-2 65538PAC2 CC CCC I-A-3 65538PAD0 AAA AAA/Watch Neg I-A-4 65538PAE8 AAA AAA/Watch Neg I-A-5 65538PAF5 AAA AAA/Watch Neg I-A-6 65538PAG3 AAA AAA/Watch Neg II-A-1 65538NAA1 CC CCC II-A-2 65538NAB9 CC CCC II-A-3 65538NAC7 CC CCC II-A-4 65538NAD5 CC CCC RALI Grantor Trust I-A, Series 2006-QO9 Series 2006-QO9 Rating Class CUSIP To From I-A1B 75114PAA7 D CCC I-A2A 75114PAB5 CC CCC I-A3A 75114PAC3 CC CCC I-A3B 75114PAD1 D CCC I-A4A 75114PAE9 CC CCC RALI Series 2005-QO3 Trust Series 2005-QO3 Rating Class CUSIP To From A-1 761118KU1 B- A-/Watch Neg A-3 761118KW7 CC CCC X 761118KX5 B- A-/Watch Neg Structured Asset Mortgage Investments II Grantor Trust 2007-AR3 Series 2007-AR3 CLASS II-A-3B Rating Class CUSIP To From II-A-3B 86363QAB8 CC CCC Structured Asset Mortgage Investments II Grantor Trust 2007-AR4 Series 2007-AR4 Rating Class CUSIP To From A-4B 86364NAA6 CCC AAA/Watch Neg Structured Asset Mortgage Investments II Trust 2006-AR7 Series 2006-AR7 Rating Class CUSIP To From A-1A 86361HAA2 CCC AAA/Watch Neg A-1B 86361HAB0 CCC AAA/Watch Neg A-3 86361HAF1 AAA AAA/Watch Neg A-8 86361HAL8 AAA AAA/Watch Neg A-9 86361HAM6 B B/Watch Neg A-10 86361HAN4 CCC B/Watch Neg A-11 86361HAP9 CCC B/Watch Neg X 86361HAT1 AAA AAA/Watch Neg B-7 86361HBA1 D CC Structured Asset Mortgage Investments II Trust 2007-AR4 Series 2007-AR4 Rating Class CUSIP To From A-1 86364MAA8 BBB AAA/Watch Neg A-2 86364MAB6 CCC B/Watch Neg A-3 86364MAC4 CCC B/Watch Neg A-4A 86364MAD2 CCC AAA/Watch Neg A-4B 86364MAU4 CCC AAA/Watch Neg A-5 86364MAE0 CCC B/Watch Neg A-7 86364MAG5 CC CCC X-1 86364MAH3 BBB AAA/Watch Neg X-2 86364MAJ9 BBB AAA/Watch Neg RATINGS AFFIRMED Banc of America Funding 2007-3 Trust Series 2007-3 Class CUSIP Rating 1-A-1 059515AV8 CCC 1-A-2 059515AW6 CCC 1-A-3 059515AX4 CCC 2-A-1 059515AY2 CCC X-IO 059515AZ9 CCC X-A-1 059515BE5 CCC X-A-2 059515BF2 CCC T-A-1A 059515AA4 CCC T-A-5 059515AG1 CCC T-A-6 059515AH9 CCC T-A-8 059515AK2 CCC Bear Stearns Mortgage Funding Grantor Trust 2006-AR3 Series 2006-AR3 Class CUSIP Rating I-A-2B 07400JAA7 CCC II-A-2B 07400JAB5 CCC Bear Stearns Mortgage Funding Grantor Trust 2007-AR4 Series 2007-AR4 CLASS II-A-2B Class CUSIP Rating II-A-2B 073324AB1 CCC Bear Stearns Mortgage Funding Grantor Trust 2007-AR5 Series 2007-AR5 Class CUSIP Rating I-A-2B 07400NAD2 CCC Bear Stearns Mortgage Funding Trust 2007-AR4 Series 2007-AR4 Class CUSIP Rating I-A-2 07401YAB1 CCC II-A-1 07401YAQ8 CCC II-A-2A 07401YAR6 CCC II-A-2B 07401YBF1 CCC Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2006-2 Trust Series 2006-2 Class CUSIP Rating A-1 16678WAA4 CCC A-2 16678WAB2 CCC A-NA 16678W9A8 CCC IO 16678W9D2 CCC NIO 16678W9E0 CCC CHL Mortgage Pass-Through Trust 2005-HYB8 Series 2005-HYB8 Class CUSIP Rating 1-A-2 126694SF6 CCC 2-A-1 126694QF8 CCC 2-A-2 126694SG4 CCC 2-A-IO 126694SH2 CCC 3-A-2 126694QH4 CCC 4-A-2 126694QK7 CCC II-M 126694QU5 CCC CHL Mortgage Pass-Through Trust 2006-HYB5 Series 2006-HYB5 Class CUSIP Rating 4-A-1 170256AN1 CCC CSMC Mortgage-Backed Trust 2007-3 Series 2007-3 Class CUSIP Rating 1-A-1A 12638PAB5 CCC 1-A-1B 12638PAC3 CCC 1-A-2 12638PAD1 CCC 1-A-3A 12638PAE9 CCC 1-A-3B 12638PAF6 CCC 1-A-6A 12638PAJ8 CCC 1-A-6B 12638PAK5 CCC 2-A-4 12638PAW9 CCC 2-A-12 12638PBE8 CCC 4-A-3 12638PBS7 CCC 4-A-4 12638PBT5 CCC Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA2 Series 2007-OA2 Class CUSIP Rating A-1 25150UAA6 CCC A-2 25150UAB4 CCC DSLA Mortgage Loan Trust 2006-AR2 Series 2006-AR2 Class CUSIP Rating 2A-1B2 23332QAE3 CCC 2A-1B3 23332QAS2 CCC Harborview Mortgage Loan Trust 2005-15 Series 2005-15 Class CUSIP Rating 1-A1A 41161PXF5 CCC 3-A1A1 41161PXM0 CCC 3-A1A2 41161PXN8 CCC 3-A1B 41161PXP3 CCC X-1 41161PXR9 CCC X-3A 41161PXT5 CCC X-3B 41161PXU2 CCC PO-1 41161PXW8 CCC PO-2 41161PXX6 CCC PO-3A 41161PXY4 CCC PO-3B 41161PXZ1 CCC HarborView Mortgage Loan Trust 2006-10 Series 2006-10 Class CUSIP Rating 1A-1A 41162CAA9 CCC 2A-1B 41162CAD3 CCC HarborView Mortgage Loan Trust 2006-7 Series 2006-7 Class CUSIP Rating 2A-1A 41161VAC4 CCC 2A-1B 41161VAD2 CCC IndyMac INDX Mortgage Loan Trust 2007-AR21IP Series 2007-AR21IP Class CUSIP Rating 1-A-2 45670BAB5 CCC 1-A-3 45670BBQ1 CCC 2-A-1 45670BAC3 CCC 4-A-1 45670BAG4 CCC 7-A-1 45670BAN9 CCC 7-A-2 45670BAP4 CCC 9-A-1 45670BAS8 CCC JPMorgan Alternative Loan Trust 2007-A2 Series 2007-A2 Class CUSIP Rating 1-1-A1 466278AA6 CCC 1-2-A1 466278AC2 CCC 1-2-A2 466278AD0 A+ 1-2-A3 466278AE8 CCC 1-2-A4 466278AF5 CCC 1-2-A6 466278CP1 A+ 2-A-1 466278AR9 CCC 2-A-1A 466278AS7 CCC 2-A-1B 466278AT5 CCC 2-A-1C 466278AU2 CCC 2-A-1D 466278AV0 CCC 2-A-1E 466278AW8 CCC 2-A-1F 466278AX6 CCC 2-A-1G 466278AY4 CCC 2-A-1H 466278AZ1 CCC 2-A-1I 466278BA5 CCC 2-A-1J 466278BB3 CCC 3-A-1 466278BD9 CCC 3-A-1A 466278BE7 CCC 3-A-1B 466278BF4 CCC 3-A-1C 466278BG2 CCC 3-A-1D 466278BH0 CCC 3-A-1E 466278BJ6 CCC 3-A-1F 466278BK3 CCC 3-A-1G 466278BL1 CCC 3-A-1H 466278BM9 CCC 3-A-1I 466278BN7 CCC 3-A-1J 466278BP2 CCC 4-A-1 466278BR8 CCC 4-A-1A 466278BS6 CCC 4-A-1B 466278BT4 CCC 4-A-1C 466278BU1 CCC 4-A-1D 466278BV9 CCC 4-A-1E 466278BW7 CCC 4-A-1F 466278BX5 CCC 4-A-1G 466278BY3 CCC 4-A-1H 466278BZ0 CCC 4-A-1I 466278CA4 CCC 4-A-1J 466278CB2 CCC Lehman Mortgage Trust 2006-7 Series 2006-7 Class CUSIP Rating 1A2 52520QAB0 CCC 1A3 52520QAC8 CCC 5A2 52520QBH6 CCC 5A4 52520QBK9 CCC 5A6 52520QBM5 CCC AX 52520QBR4 CCC Lehman Mortgage Trust 2007-10 Series 2007-10 Class CUSIP Rating 1-A2 52522QAB8 CCC 1-A3 52522QAC6 CCC 2-A3 52522QAF9 CCC 2-A4 52522QAG7 CCC 2-A5 52522QAH5 CCC 2-A6 52522QAJ1 CCC 2-A7 52522QAK8 CCC 2-A8 52522QAL6 CCC AP1 52522QBB7 CCC 3-A1 52522QAM4 CCC 3-A2 52522QAN2 CCC 3-A4 52522QAQ5 CCC 3-A5 52522QAR3 CCC 3-A6 52522QAS1 CCC 3-A7 52522QAT9 CCC 3-A8 52522QAU6 CCC 3-A10 52522QCA8 CCC 3-A11 52522QCB6 CCC 3-A12 52522QCC4 CCC 3-A13 52522QCD2 CCC 4-A1 52522QAW2 CCC 4-A2 52522QAX0 CCC 4-A3 52522QAY8 CCC 4-A4 52522QAZ5 CCC 4-A5 52522QBA9 CCC AX3 52522QBF8 CCC Lehman Mortgage Trust 2007-2 Series 2007-2 Class CUSIP Rating 2-A2 52521DAD4 CCC 2-A4 52521DAF9 CCC 2-A6 52521DAH5 CCC 2-A7 52521DAJ1 CCC 2-A-9 52521DAL6 CCC 2-A-10 52521DAM4 CCC 2-A12 52521DAP7 CCC 2-A13 52521DAQ5 CCC MASTR Adjustable Rate Mortgages Trust 2007-3 Series 2007-3 Class CUSIP Rating 2-2A2 57645NAQ3 CCC 2-2A4 57645NAS9 CCC 2-2A5 57645NAT7 CCC Morgan Stanley Mortgage Loan Trust 2007-8XS Series 2007-8XS Class CUSIP Rating A-1 61754PAA2 CCC A-1-M 61754PBK9 CCC A-2 61754PAC8 CCC A-4 61754PAE4 CCC A-5 61754PAF1 CCC A-6 61754PAG9 CCC A-7 61754PAH7 CCC A-8 61754PAJ3 CCC A-9 61754PAX2 CCC A-10 61754PAY0 CCC A-11 61754PAZ7 CCC A-12 61754PBA1 CCC A-13 61754PBB9 CCC A-14 61754PBC7 CCC A-15 61754PBD5 CCC A-16 61754PBE3 CCC A-17 61754PBF0 CCC A-18 61754PBG8 CCC A-19 61754PBH6 CCC A-20 61754PBJ2 CCC RALI Series 2005-QO3 Trust Series 2005-QO3 Class CUSIP Rating A-2 761118KV9 CCC Structured Asset Mortgage Investments II Grantor Trust 2006-AR1 Series 2006-AR1 Class CUSIP Rating 3A-2B CCC Structured Asset Mortgage Investments II Grantor Trust 2006-AR8 Series 2006-AR8 Class CUSIP Rating A-1B 86361XAA7 CCC A-4B 86361XAB5 CCC A-4C 86361XAC3 CCC Structured Asset Mortgage Investments II Grantor Trust 2007-AR3 Series 2007-AR3 CLASS I-A-4B Class CUSIP Rating I-A-4B 86363QAA0 CCC Structured Asset Mortgage Investments II Trust 2006-AR7 Series 2006-AR7 Class CUSIP Rating A-2A 86361HAC8 CCC A-2B 86361HAD6 CCC A-4 86361HAG9 CCC A-5 86361HAH7 CCC A-6 86361HAJ3 CCC A-12 86361HAQ7 CCC A-13A 86361HAR5 CCC A-13B 86361HAS3 CCC Structured Asset Mortgage Investments II Trust 2007-AR4 Series 2007-AR4 Class CUSIP Rating A-6 86364MAF7 CCC Primary Credit Analyst: Cesar Romero, New York (1) 212-438-4666; cesar_romero@standardandpoors.com Secondary Credit Analyst: Terry G Osterweil, New York (1) 212-438-2567; terry_osterweil@standardandpoors.com No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P. The Content shall not be used for any unlawful or unauthorized purposes. S&P, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content.

S&P Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION.

In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. S&P assumes no obligation to update the Content following publication in any form or format.

The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P's opinions and analyses do not address the suitability of any security. S&P does not act as a fiduciary or an investment advisor.

While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units.

S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. S&P may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses.

S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees. Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned.

No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: research_request@standardandpoors.com. Copyright (c) 2010, Standard & Poor's Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc.

(END) Dow Jones Newswires March 16, 2010 15:11 ET (19:11 GMT)

LONDON (Dow Jones)--BTG PLC (BGC.LN) said Tuesday that its Chairman, Dr John Brown, has been appointed as Chairman Designate of Axis-Shield PLC (ASD.LN). MAIN FACTS: -Brown will succeed the current chairman of Axis-Shield as from the company's AGM on May 13. -Shares closed down 7.8 pence, or 1.9%, at 397.3 pence.

-By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com (END) Dow Jones Newswires March 16, 2010 14:04 ET (18:04 GMT)